""what is "unsecured over BB"?""
Sorry just my notes. It means the market value of the unsecured debt that is over the borrowing base. What banks will lend at on an asset based loan. Some bank lines have EBITDA provisions allowing them to borrow more money if the EBITDA is such and such, but the asset based part is their own research of what reserves are worth. Not some FUBAR from the SEC or some shrimp and free drink investor presentation to put up on the website.
Fall is coming and as Stockmonger astutely said, this is going to be another round of borrowing base cuts and this likely goes on each quarter for a long time. Banks are exiting stage right.