Legacy Reserves Increases Borrowing Base of $600 Million, Shares Flat Late


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Oil and gas company Legacy Reserves ( LGCY ) has secured commitments from its bank group to expand its borrowing base to $600 million from the previous $565 million under its $1 billion secured revolving credit agreement. LGCY shares are flat at $28.79 in after-hours trading.

After closing an acquisition of Permian Basin properties for $11.8 million on Oct. 1, 2012, LGCY had $462 million of debt outstanding under its credit agreement, leaving $138 million available. The borrowing base is next scheduled to be redetermined on or about April 1, 2013.

Shares of LGCY are trading within a 52-week range of $23.16 - $30.85.

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This article appears in: Investing , Commodities

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