FBR Capital Downgrades Memorial Production Partners (MEMP) to Market Perform
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Memorial Production Partners LP Announces Suspension of Quarterly Cash Distribution and Reduction in Borrowing Base Following the Fall Redetermination
October 28, 2016 5:30 PM EDTHOUSTON, Oct. 28, 2016 (GLOBE NEWSWIRE) -- Memorial Production Partners LP (NASDAQ: MEMP) (MEMP or the Partnership) announced today that the board of directors of its general partner has elected to suspend MEMPs quarterly cash distributions to unitholders, effective immediately.  The board believes the suspension is in the best interest of the Partnership. The Partnership also announced a reduction of its borrowing base under MEMPs credit facility from $925 million to $740 million, effective October 28, 2016, which will be further reduced to $720 million, effective December 1, 2016. These reductions are part of the Partnerships semi-annual borrowing base redetermination... More
