Berry Petroleum amends facility, cuts borrowing base to $200 million

By William Gullotti

Buffalo, N.Y., May 12 – Berry Corp., acting as a guarantor with wholly owned subsidiary Berry Petroleum Co., LLC as borrower, entered into a fourth amendment to their credit agreement dated Aug. 26, 2021 with JPMorgan Chase Bank, NA as administrative agent on May 10, according to an 8-K filing with the Securities and Exchange Commission.

The amendment decreases the borrowing base to $200 million from $250 million, which constitutes a redetermination of the borrowing base that was scheduled to occur on or about May 1; decreases the maximum consolidated leverage ratio by 0.25x to 2.75 to 1.00 for fiscal quarters ending June 30, 2023 and thereafter; and amends the minimum hedging covenant to specify the floor price without any modification to the minimum volumes required to be hedged.

No other terms of the agreement were modified by the amendment.

Berry is a Dallas-based energy company.

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