BRIEF-Linn Energy announces payment of interest due under certain senior notes
REUTERS 9:17 AM ET 4/15/2016
Symbol Last Price Change LINE 0.358 0 (0%) QUOTES AS OF 04:00:00 PM ET 04/14/2016
April 15 (Reuters) - Linn Energy(LINE)
* Linn Energy(LINE) announces payment of interest due under certain senior notes; provides update on strategic alternatives process; enters into amendments to credit facilities
* Linn Energy Llc(LINE) and Berry Petroleum Company made interest payments on April 14, 2016 of about $30 million on Linn's 7.75 pct senior notes due 2021
* Linn and Berry intend to elect to exercise 30-day grace period with respect to an interest payment due April 15, 2016
* Linn Energy Llc(LINE) says currently in process of exploring strategic alternatives
* Linn Energy Llc(LINE) says in talks on how to best reduce company's debt including possibility of restructuring under a Chapter 11 plan of reorganization
* To exercise 30-day grace period on interest payment of approximately $31 million on Linn's 8.625 pct senior notes due April 2020
* Says Linn and Berry intend to elect to exercise 30 day grace period for interest payment due April 15, 2016 of approximately $31 million
* To exercise 30-day grace period on interest payments due may 1, 2016 of approximately $18.2 million on Linn's 6.25 pct senior notes due May 2019
* Linn Energy Llc(LINE) says on April 12, 2016, Linn entered into eighth amendment to its sixth amended and restated credit agreement
* To exercise 30-day grace period on approximately $8.8 million on Berry's 6.75 pct senior notes due November 2020
* Credit agreement amendment provides that certain specified events will not become defaults or events of default until May 11, 2016
* Under credit agreement amendment, Berry to have access to $45 million in cash in order to fund ordinary course operations
* Under credit agreement amendment, borrowing base will remain constant until May 11, 2016, subject to some conditions
* Credit agreement amendment provides that borrowing base will remain constant until May 11, 2016 Source text for Eikon: Further company coverage: [ LINE.O] (Bengaluru Newsroom: +1 646 223 8780)
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