Energen amends credit agreement, lowers borrowing base to $1.6 billion

By Tali Rackner

Norfolk, Va., April 20 – Energen Corp. amended its credit agreement via Wells Fargo Bank, NA to decrease the borrowing base to $1.6 billion from $2.1 billion, according to an 8-K filing with the Securities and Exchange Commission.

Correspondingly, the total commitments under the facility were lowered to $1.6 billion from $2 billion.

The April 16 amendment also changes the credit agreement provision relating to certain senior notes that Energen may issue without a reduction in the borrowing base by increasing the maximum aggregate stated principal amount of the notes to $400 million from $300 million and extending the deadline for issuing the notes to the delivery of the new borrowing base notice for the scheduled redetermination scheduled to occur on or about Oct. 1 from April 1.

Energen is an oil and gas exploration and production company based in Birmingham, Ala.

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