01—Abstract
Summary
Summary of the 8-K filed October 30, 2025. Cited figures are marked; the original filing is the authoritative source.
Permian Resources Corporation (PR) disclosed, via its subsidiary Permian Resources Operating, LLC ("OpCo"), that on October 24, 2025 it entered into the Tenth Amendment to its Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent.
The amendment, among other things, reaffirmed the borrowing base at $4.0 billiona and the aggregate elected revolving commitments at $2.5 billion. The amendment also changed pricing terms. It adds a new borrowing base utilization pricing grid that applies on any day during a borrowing base period when the Company has an index debt rating of BBB- or better from Fitch Ratings, Inc. It also allows, subject to certain conditions, reduced interest rates during an investment grade period, which is defined by index debt ratings of Baa3/BBB- or better from Moody's and S&P, respectively, and ends when the Company elects or when its ratings fall below Ba1 and BB+ from Moody's and S&P.
The filing is largely a credit facility update rather than a change in operations or capital structure. The full terms are in the Tenth Amendment, filed as Exhibit 10.1, and the filing also incorporates the same information under Item 2.03 regarding a direct financial obligation.
02—Key points
Key Highlights
- OpCo entered into the Tenth Amendment to its Third Amended and Restated Credit Agreement on October 24, 2025, with JPMorgan Chase Bank, N.A. as administrative agent.
- The borrowing base was reaffirmed at $4.0 billion.
- Aggregate elected revolving commitments were reaffirmed at $2.5 billion.
- A new borrowing base utilization pricing grid applies when the Company has an index debt rating of BBB- or better from Fitch.
- Interest rates may be reduced during an investment grade period, subject to certain conditions, based on Moody's and S&P ratings of Baa3/BBB- or better.
- The filing is made under Items 1.01, 2.03 and 9.01, with the full amendment attached as Exhibit 10.1.
03—Questions
Frequently Asked Questions
What did Permian Resources agree to on October 24, 2025?
Its subsidiary Permian Resources Operating, LLC entered into the Tenth Amendment to its Third Amended and Restated Credit Agreement, dated February 18, 2022 as amended, with JPMorgan Chase Bank, N.A. as administrative agent and the lenders and guarantors party to it.
What are the borrowing base and revolving commitment levels after the amendment?
The amendment reaffirmed the borrowing base at $4.0 billion and the aggregate elected revolving commitments at $2.5 billion.
How does the amendment change pricing?
It adds a new borrowing base utilization pricing grid that applies when the Company has a Fitch index debt rating of BBB- or better during a borrowing base period. It also allows, subject to certain conditions, reduced interest rates during an investment grade period, defined by Moody's and S&P ratings of Baa3/BBB- or better, ending when the Company elects or its ratings fall below Ba1 and BB+.
Where can investors find the complete terms of the amendment?
The complete Tenth Amendment is attached and filed as Exhibit 10.1 to the Form 8-K, and the summary in the filing is qualified in its entirety by reference to that exhibit.
04—Continue