Diamondback Energy, Inc. (FANG): debt financing — Diamondback Energy arranges $1.5B term loan and upsizes revolver to $2.5B for Endeavor deal

Diamondback Energy, Inc.

Term Loan: $1B Tranche A + $500M Tranche B, unsecured, to fund cash portion of Endeavor acquisition.
Revolving credit commitments increased from $1.6B to $2.5B; swingline cut to $50M.
Term loan funded at closing of acquisition; Tranche A matures in 1 year, Tranche B in 2 years.
Interest rate: SOFR/ABR plus margin based on Diamondback's senior unsecured debt rating.
Borrowing will reduce existing $8B bridge facility to $6.5B.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Diamondback Energy, Inc. incurred term loan of up to $1.5 billion with Citibank, N.A. at alternate base rate or the adjusted Term SOFR rate, in each case, plus an applic.

Instrument: term loan
Principal: up to $1.5 billion
Counterparty: Citibank, N.A.
Rate: alternate base rate or the adjusted Term SOFR rate, in each case, plus an applic
Event: incurrence

Exact text from the filing

The Term Loan Agreement provides the Borrower with the ability to borrow up to $1.5 billion (comprised of $1 billion of "Tranche A Loans" and $500 million of "Tranche B Loans") on an unsecured basis

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Diamondback Energy, Inc. amended revolving credit of increased the total revolving loan commitments under the Revolving Credit Agreement from $1.6 billion to $2.5 billion with Wells Fargo Bank, National Association at remains unchanged.

Instrument: revolving credit
Principal: increased the total revolving loan commitments under the Revolving Credit Agreement from $1.6 billion to $2.5 billion
Counterparty: Wells Fargo Bank, National Association
Rate: remains unchanged
Event: amendment

Exact text from the filing

increased the total revolving loan commitments under the Revolving Credit Agreement from $1.6 billion to $2.5 billion (such increased amount, the "Increased Commitment")

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

Diamondback Energy, Inc. amended Fourteenth Amendment with Wells Fargo Bank, National Association, as administrative agent (effective 2024-03-06).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as administrative agent
Effective: 2024-03-06

Exact text from the filing

On March 6, 2024, the Company and the Borrower entered into a fourteenth amendment (the “Revolving Amendment”) to the Second Amended and Restated Credit Agreement, dated as of November 1, 2013, with Wells Fargo Bank, National Association, as administrative agent (the “Administrative Agent”), and the lenders party thereto (as amended, supplemented or otherwise modified prior to the date of the Revolving Amendment and as further amended by the Revolving Amendment, the “Revolving Credit Agreement”).

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

Diamondback Energy, Inc. entered into Term Loan Credit Agreement with Citibank, N.A., as administrative agent valued at $1.5 billion (effective 2024-02-29).

Action: entry
Agreement: credit facility
Counterparty: Citibank, N.A., as administrative agent
Value: $1.5 billion
Effective: 2024-02-29

Exact text from the filing

On February 29, 2024 (the “Term Loan Effective Date”), Diamondback Energy, Inc., as guarantor (the “Company”), entered into a Term Loan Credit Agreement with Diamondback E&P LLC, as borrower (the “Borrower”), the lenders named therein and Citibank, N.A., as administrative agent (the “Term Loan Agreement”).

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299 debt financings filed in the last 30 days. Browse all debt financings →

Diamondback Energy, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-24-011751

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