secwatch.observer — SEC 8-K summary
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Issuer:     Coterra Energy Inc. (CTRA)
CIK:        0000858470
Form:       8-K
Filed at:   2023-03-16T23:59:59+00:00
Accession:  0000858470-23-000014
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/858470/000085847023000014/0000858470-23-000014-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/858470/000085847023000014/cog-20230310.htm
  HTML page:      https://secwatch.observer/filing/0000858470-23-000014

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