Coterra enters $1.0B term loan to fund two Permian Basin acquisitions

Coterra Energy Inc.

Tranche A ($500M) funds Franklin Mountain acquisition; Tranche B ($500M) funds Avant acquisition.
Loans bear interest at SOFR plus 0.10% credit spread plus margin of 100-187.5 bps depending on credit rating.
Tranche A matures 2 years after funding; Tranche B matures 3 years after funding.
Ticking fee 10-25 bps on undrawn commitments; maximum leverage ratio 3.0x.
Commitments terminate if acquisitions not closed by June 30, 2025 (Tranche A) or Feb 17, 2025 (Tranche B).

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