SM Energy amends credit agreement to permit up to $1.2B in debt for Uinta Basin acquisition from XCL

SM Energy Co

Entered First Amendment to credit agreement on July 2, 2024 to facilitate acquisition of Uinta Basin oil and gas assets from XCL Resources.
Amendment permits incurrence of up to $1.2 billion in XCL Acquisition Additional Indebtedness (bridge loans, senior notes) without borrowing base reduction.
Modifies excess cash covenant to exclude acquisition-related cash and proceeds for up to 30 days.
Allows liens on proceeds of notes issued into escrow and special mandatory redemption provisions.
Acquisition agreement signed June 27, 2024; closing expected by July 1, 2025.

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