Brigham Exploration Ups Credit Facility Borrowing Base
Brigham Exploration Company announced that it has increased its senior credit facility borrowing base from $50 million to $110 million.
Effective November 27, 2006, Brigham's borrowing base was reset from $50 million to $110 million in conjunction with its regularly scheduled semi- annual borrowing base redetermination. In April 2006, Brigham's borrowing base had been reset from $90 million to $50 million in connection with the sale of its 9 5/8% senior notes due 2014.
The senior credit agreement contains customary restrictions and covenants. Pursuant to the senior credit agreement, Brigham is required to maintain a current ratio of at least 1 to 1 and an interest coverage ratio (as those ratios are defined in the senior credit agreement) for the four most recent quarters of at least 3 to 1.
Brigham Exploration Company is an independent exploration and production company that applies 3-D seismic imaging and other advanced technologies to systematically explore and develop onshore domestic natural gas and oil provinces.
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