Eagle Rock Energy Partners LP’s lender group unanimously approved an amendment to Eagle Rock’s credit facility. The amendment allows for greater liquidity and some covenant relief through the second quarter.
The amendment also provides for an increase in the midstream component of Eagle Rock’s total borrowing base. It provides for an increase in the total leverage ratio and the senior secured leverage ratio, as defined in the agreement, for the quarter ending on June 30. As of June 1, Eagle Rock’s total borrowing base will be about $819 million, up from the current base by $5 million.
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