Mid-Con Energy Partners, LP Announces Borrowing Base Redetermination
MID-CON ENERGY PARTNERS (MCEP)
US:NASDAQ Investor Relations:
ir.midconenergypartners.com
Company Research
Source: GlobeNewswire
TULSA, Dec. 10, 2019 (GLOBE NEWSWIRE) -- On December 6, 2019, Mid-Con Energy Partners, LP (NASDAQ: MCEP) (“Mid-Con Energy” or the “Partnership”) and its lenders entered into Amendment No. 14 to that certain Credit Agreement, dated as of December 20, 2011, among Mid-Con Properties, LLC, as borrower, Wells Fargo Bank, National Association, as administrative agent and collateral agent, and the lenders party thereto (the “Credit Agreement Amendment”). Highlights of the Credit Agreement Amendment include: Extending the Maturity Date to May 1, 2021;Decreasing the Borrowing Base from $110 million to $95 million;Instituting a Borrowing Cap of $85 million and requiring the Partnership to have a Consolidated Funded Indebtedness to Consolidated EBITDAX of less than 3.0 to 1.0 to make any borrowings above the Borrowing Cap;Requiring the Partnership’s Leverage Ratio of Consolidated Funded Indebtedness to Consolidated EBITDAX not to exceed: 4.0 to 1.0 for the quarter ending December 31, 2019,3.7
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