Berry Petroleum Company Credit Facility
|Deal Type||Debt Capital Markets|
|Client & Transactional Partners||Berry Petroleum Company Credit Facility||Our Role||
Joint Lead Arranger
"On July 31, 2017, KeyBanc Capital Markets (KBCM) served as Joint Lead Arranger, Joint Bookrunner and Co-Documentation Agent on a $1.5 billion Senior Secured Revolving Credit Facility for Berry Petroleum Company, LLC (Berry) with an initial borrowing base of $500 million. KBCM as one of three underwriters provided a commitment to support Berry’s acquisition of certain oil-weighted assets in California. The underwritten commitment was subsequently reduced with proceeds from an asset sale, with the remaining borrowing base refinancing the existing credit facility and providing for ongoing working capital and liquidity requirements.
The Acquisition: Berry acquired an incremental 84% working interest in its South Belridge Hill asset in California for $263,000,000 from LINN Energy. Berry had been the operator with a 16% working interest prior to the Acquisition.
The Divestiture: Berry sold all of its interests in the Hugoton natural gas field, primarily in Kansas, to an undisclosed buyer. Berry owned a non-operated working interest in ~596,000 net acres and over 2,400 producing wells.