EV Energy cuts interest on $1 billion five-year revolver by 25-50 bps

By Susanna Moon

Chicago, April 27 - EV Energy Partners, LP said it amended its $1 billion secured five-year revolving credit agreement with a syndicate of 15 banks led by JPMorgan Chase Bank, NA as administrative agent.

Interest is Libor plus 175 basis points to 275 bps, a reduction of 25 bps to 50 bps, and the ratio of total debt to EBITDAX covenant was increased to 4.25x from 4.0x.

EV Energy also has more flexibility to enter into commodity price hedges, according to a company press release.

The borrowing base, which was initially set at $600 million, is scheduled to be reset every six months beginning on Oct. 1.

There is $187.5 million outstanding under the credit agreement.

BNP Paribas and Wells Fargo Bank, NA are co-syndication agents, and BBVA Compass and Citibank, NA are co-documentation agents. All of the banks are continuing participants in the facility.

EV Energy is a Houston-based acquirer, producer and developer of oil and gas properties.

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