TALOS ENERGY INC. (TALO): debt financing — Talos borrowing base reaffirmed at $1.1B; to increase to $1.5B upon EnVen close, maturity extended to 2027

The Ninth Amendment, among other things, (i) extends the initial maturity date of the Credit Agreement to March 31, 2027, (ii) increases the borrowing base from $1.1 billion to $1.5 billion and reapportions certain commitments among the lender parties to the Credit Agreement contingent upon the consummation of the EnVen Merger and the occurrence of certain events related thereto, (iii) joins four new issuing banks to the Credit Agreement and (iv) amends certain other provisions of the Credit Agreement as more specifically set forth in the Ninth Amendment.

On December 23, 2022, in connection with the proposed acquisition of EnVen Energy Corporation (“EnVen”) by Talos Energy Inc. (the “Company,” and such transaction the “EnVen Merger”) as contemplated by the Merger Agreement (as defined below), the Company, Talos Production Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Talos Production”), and certain other direct and indirect subsidiaries of the Company and Talos Production entered into the Incremental Agreement and Ninth Amendment to Credit Agreement (the “Ninth Amendment”), which amended the Credit Agreement, dated as of May 10, 2018, as amended (the “Credit Agreement”), among the Company, Talos Production, JPMorgan Chase Bank, N.A., as administrative agent, the issuing banks, the lenders party thereto, and the other persons from time to time party thereto.