Berry Petroleum obtains $140 million second-lien credit facility

By Sara Rosenberg

New York, April 27 - Berry Petroleum Co. closed on a $140 million second-lien credit facility due Jan. 16, 2013 on Monday, according to an 8-K filed with the Securities and Exchange Commission.

Wells Fargo Energy Capital Inc. is the administrative agent on the deal.

Pricing on the loan is Libor plus 800 basis points with a 3% Libor floor.

There are no prepayment or call provisions.

And, the company is subject to financial covenants that are about 15% less restrictive than the first lien.

In addition, on Monday, the company amended its first-lien credit facility, which is a $1.5 billion secured revolver.

Each dollar outstanding under the second-lien credit facility reduces the borrowing base under the revolver by 30 cents so that the current borrowing base was changed to $1.008 billion from $1.05 billion.

The amendment also allowed for the entrance into the second-lien term loan.

Wells Fargo is the lead bank on the revolver.

Berry Petroleum is a Bakersfield, Calif.-based crude oil and natural gas company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.