Berry Petroleum Amends Revolving Credit Facilityadmin
Berry Petroleum Company (NYSE:BRY – News) has amended its $1.5 billion credit facility. The Amendment increases the borrowing base to $1.25 billion from $1.0 billion with current commitments of $1.08 billion and a new maturity date of July 15, 2012. The amendment was executed with the Company’s syndicate of 17 banks and includes an accordion feature that allows the Company to increase borrowing commitments to $1.25 billion without further bank approval, and modifies the annual commitment fee and the interest rate margins. The Amendment contains usual and customary conditions, representations, and warranties. The Company also terminated a $100 million senior unsecured revolving credit facility without penalty that was to mature at year end.
David D. Wolf, executive vice president and chief financial officer, said, “The increase in our borrowing base confirms the value of Berry’s predictable, long lived reserves and our ability to generate free cash flow at lower commodity prices provides us with confidence in a volatile commodity and credit environment.”
Berry Petroleum Company is a publicly traded independent oil and gas production and exploitation company with operations in California, Colorado, Texas and Utah.
The Company uses its web site as a channel of distribution of material company information. Financial and other material information regarding the Company is routinely posted on and accessible at http://www.bry.com/index.php?page=investor.