Permian Resources Corp (PR): debt financing — Permian Resources reaffirms $2.5B borrowing base, amends credit agreement to allow additional pari passu debt

Permian Resources Corp

Borrowing base reaffirmed at $2.5B and elected commitments maintained at $1.5B.
Amendment expands negative-covenant exceptions to permit incurrence of additional pari passu debt.
Technical changes allow potential term loans in addition to existing revolving loans.
Credit Suisse, New York Branch exits as lender; its commitments terminated to $0.
Third Amendment dated April 24, 2023, became effective immediately.

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

Permian Resources Corp amended credit facility of reaffirmed the borrowing base at $2.5 billion and maintained the elected commitments at $1.5 billion with JPMorgan Chase Bank, N.A., as administrative agent.

Instrument: credit facility
Principal: reaffirmed the borrowing base at $2.5 billion and maintained the elected commitments at $1.5 billion
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Event: amendment

Exact text from the filing

The Third Amendment, among other things, (i) reaffirmed the borrowing base at $2.5 billion and maintained the elected commitments at $1.5 billion, (ii) expanded the exceptions to the negative covenants to permit the incurrence of additional indebtedness on a pari passu basis with the facilities in the Credit Agreement, subject to certain conditions; and (iii) made technical changes to permit OpCo to potentially incur term loans in addition to the revolving loans provided under the Credit Agreement, subject to terms to be agreed with the lenders making such term loans and to the terms of the Third Amendment and the Credit Agreement.

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Source: SEC EDGAR

accession 0001193125-23-124693

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