Diamondback Energy, Inc. (FANG): debt financing — Diamondback Energy enters $1.5B term loan to fund pending Double Eagle acquisition

Diamondback Energy, Inc.

$1.5B unsecured term loan facility entered on March 21, 2025 to fund part of Double Eagle acquisition cash consideration.
Interest at SOFR or base rate plus margin based on credit ratings (SOFR + 1.125% to 2.000%).
Facility matures two years after acquisition closing; undrawn until conditions satisfied.
Amended revolving credit agreement to align reps and warranties with term loan.
Commitment fees on undrawn amounts accrue 90 days after March 21, 2025.

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 Bank of America, N.A., as administrative agent at alternate base rate or the adjusted Term SOFR rate, in each case, plus an applic maturing second anniversary of the Closing Date.

Instrument: term loan
Principal: up to $1.5 billion
Counterparty: Bank of America, N.A., as administrative agent
Rate: alternate base rate or the adjusted Term SOFR rate, in each case, plus an applic
Maturity: second anniversary of the Closing Date
Event: incurrence

Exact text from the filing

The Term Loan Agreement provides the Borrower with the ability to borrow up to $1.5 billion on an unsecured basis to pay a portion of the cash consideration for the Acquisition and/or pay fees, costs and expenses related thereto.

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Diamondback Energy, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-25-009880

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