Coterra Energy enters $1.5B revolving credit facility, replaces existing agreement

Coterra Energy Inc.

New $1.5B revolving credit facility with JPMorgan as administrative agent, maturing March 10, 2028.
Borrowings bear interest at SOFR plus 100-175 bps or base rate plus 0-75 bps, based on credit ratings.
Commitment fee on unused portion ranges from 10 to 27.5 bps annually.
Facility can be increased by up to $500M subject to lender consent; includes $100M swingline and $500M LC subfacilities.
Financial covenant requires maximum leverage ratio of 3.0x or total debt to capitalization of 65%; existing credit agreement terminated.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Coterra Energy Inc. terminated Second Amended and Restated Credit Agreement with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (effective 2023-03-10).

Action: termination
Agreement: credit facility
Counterparty: the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent
Effective: 2023-03-10

Exact text from the filing

Concurrently with the Company’s entry into the Credit Agreement, the Company terminated its existing second amended and restated credit agreement, dated as of April 22, 2019 (as amended, the “Existing Credit Agreement”), with the lenders party thereto and JPMorgan, as administrative agent thereunder.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Coterra Energy Inc. entered into Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders and issuing banks party thereto valued at $1.5 billion (effective 2023-03-10).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders and issuing banks party thereto
Value: $1.5 billion
Effective: 2023-03-10

Exact text from the filing

On March 10, 2023, Coterra Energy Inc. (the “Company”) entered into a revolving credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent (“JPMorgan”), and certain lenders and issuing banks party thereto.

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Coterra Energy Inc. filing history →

Source: SEC EDGAR

accession 0000858470-23-000014

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