Berry Petroleum adjusts margins, ups borrowing base to $850 million

By Wendy Van Sickle

Columbus, Ohio, Nov. 15 – Berry Petroleum Co. entered into a third amendment to its $1.5 billion credit agreement dated July 31, 2017, increasing the borrowing base to $850 million and reaffirming the $400 million elected commitment, according to an 8-K filing with the Securities and Exchange Commission.

Wednesday’s amendment also made some changes to the applicable interest rate margins, resulting in a spread over Libor of 175 basis points to 275 bps, depending on use. The commitment fee is 50 bps.

Well Fargo Bank, NA is the administrative agent.

Berry Petroleum is a Denver-based oil and gas production company.

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