01—Abstract
Summary
Summary of the 8-K filed May 1, 2024. Cited figures are marked; the original filing is the authoritative source.
Permian Resources Corporation (PR) disclosed on May 1, 2024 that its consolidated subsidiary, Permian Resources Operating, LLC ("OpCo"), entered into the Seventh Amendment to its Third Amended and Restated Credit Agreement on April 25, 2024.
The amendment, with JPMorgan Chase Bank, N.A. as administrative agent, reaffirmed the borrowing base at $4.0 billiona. The amendment also increased aggregate elected commitments from $2.0 billion to $2.5 billion. The filing describes the amendment as a summary and refers readers to the full agreement, filed as Exhibit 10.1, for complete terms.
For investors, the key takeaways are that the reaffirmed borrowing base provides continued liquidity capacity, and the higher elected commitments increase the amount of credit OpCo has committed to draw on under the facility. The filing itself does not state the purpose of the increase or any associated pricing or maturity changes.
02—Key points
Key Highlights
- OpCo entered into the Seventh Amendment to the Third Amended and Restated Credit Agreement on April 25, 2024.
- The borrowing base was reaffirmed at $4.0 billion.
- Aggregate elected commitments increased from $2.0 billion to $2.5 billion.
- JPMorgan Chase Bank, N.A. serves as administrative agent under the credit agreement.
- The full Seventh Amendment is filed as Exhibit 10.1 to this Form 8-K.
- The filing is disclosed under Item 1.01 (Material Definitive Agreement) and Item 2.03 (Direct Financial Obligation).
03—Questions
Frequently Asked Questions
What did Permian Resources change in its credit facility?
OpCo, a consolidated subsidiary, entered into the Seventh Amendment to its Third Amended and Restated Credit Agreement. The amendment increased aggregate elected commitments from $2.0 billion to $2.5 billion.
What is the borrowing base under the amended credit agreement?
The Seventh Amendment reaffirmed the borrowing base at $4.0 billion.
Who is the administrative agent for the credit agreement?
JPMorgan Chase Bank, N.A. is the administrative agent under the credit agreement, which includes lenders and guarantors party to the agreement.
Where can investors find the full terms of the amendment?
The complete Seventh Amendment, dated as of April 25, 2024, is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference.
Does this filing report any new borrowings or financial results?
The filing does not report borrowing amounts drawn under the facility, nor does it include financial results. It describes the amendment to the credit agreement and the increase in elected commitments.
04—Continue