Mon 08/23/2021 13:54 PM
E&B Natural Resources may seek to replace its asset-backed lending facility with a facility from an alternative lender after its $1.5 billion revolver was cut to about $350 million in the wake of a pipeline leak at the Inglewood Oil Field in Los Angeles, according to sources.
E&B will likely be able to secure a facility from another source given its California assets have low decline rates, continue to generate cash and as crude oil prices hold at multiyear highs, sources say.
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