Expand Energy achieves Investment Grade status, triggers credit agreement amendment and guarantee release

EXPAND ENERGY Corp

Achieved Investment Grade Date on Oct 28, 2024, triggering automatic amendment of $2.5B credit agreement and release of all liens and guarantees.
Credit agreement continues with $2.5B commitments, $500M letter of credit sublimit, and $50M swingline sublimit.
Term SOFR loans bear interest at SOFR plus 125-187.5 bps (plus 10 bps CSA); commitment fee 15-27.5 bps.
New covenant: debt-to-capitalization ratio not to exceed 65%; no subsidiary guarantees required.
Entered five supplemental indentures to release subsidiary guarantees on 2025/2028/2029/2030/2032 senior notes.

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