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HOUSTON, Oct. 21, 2015 (GLOBE NEWSWIRE) — LINN Energy, LLC (LINE) (“LINN” or the “Company”) announced today that it has completed its Fall 2015 borrowing base redetermination and entered into key amendments which provide additional flexibility in the current market environment.  Following the redetermination, LINN’s maximum borrowing availability under its credit facility has been reduced to $3.6 billion and the borrowing base under the credit facility for Berry Petroleum Company, LLC (“Berry”) has been reduced to $900 million, including $250 million of restricted cash previously posted as collateral with Berry’s lenders.  The Company’s lenders have also approved a potential combination of the LINN and Berry credit facilities under certain conditions, subject to a combined borrowing base of $4.05 billion.  LINN currently has undrawn capacity of approximately $790 million, assuming borrowings outstanding as of September 30, 2015.

As part of the redetermination, LINN and Berry each entered into an amendment to their respective credit facilities.  Among other items, the amendments include the ability to incur junior lien indebtedness, a reduction in the minimum interest coverage ratio and increased ability for LINN to divest assets which do not contribute to its borrowing base.  Under the terms of the amendments, LINN and Berry may incur up to $4 billion and $500 million, respectively, of junior lien indebtedness, in each case subject to borrowing base reductions in certain circumstances.  In addition, the Company’s minimum interest coverage ratio has been reduced from 2.5x to 2.0x through December 31, 2016, increasing to 2.25x through June 30, 2017, and then returning to 2.5x on July 1, 2017.


Management will host a conference call on Thursday, November 5, 2015, at 10 a.m. Central (11 a.m. Eastern) to discuss the Company’s third quarter 2015 results.  Prepared remarks by Mark E. Ellis, Chairman, President and Chief Executive Officer, and David B. Rottino, Executive Vice President and Chief Financial Officer, will be followed by a question and answer session.

Investors and analysts are invited to participate in the call by dialing (855) 319-4076, or (631) 887-3945 for international calls using Conference ID: 53394280.  Interested parties may also listen over the Internet at

A replay of the call will be available on the Company’s website or by phone until 4:00 p.m. Central (5 p.m. Eastern), November 19, 2015. The number for the replay is (855) 859-2056, or (404) 537-3406 for international calls using Conference ID: 53394280.


LINN Energy’s mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets. LINN Energy is a top-20 U.S. independent oil and natural gas development company, with approximately 7.3 Tcfe of proved reserves in producing U.S. basins as of December 31, 2014. More information about LINN Energy is available at


LinnCo was created to enhance LINN Energy’s ability to raise additional equity capital to execute on its acquisition and growth strategy. LinnCo is a Delaware limited liability company that has elected to be taxed as a corporation for United States federal income tax purposes, and accordingly its shareholders will receive a Form 1099 in respect of any dividends paid by LinnCo. More information about LinnCo is available at