HighPeak Energy, Inc. (HPK): debt financing — HighPeak Energy increases borrowing base to $700M, adds Texas Capital Bank as lender

HighPeak Energy, Inc.

Borrowing base increased to $700M; Aggregate Elected Commitments set at $575M.
Quarterly dividends up to $4M permitted if no default and pro forma compliance with leverage ≤2.25x.
Company must redeem/refinance the 2024 Senior Notes by June 30, 2023 or extend maturity to Feb 2025.
Texas Capital Bank added as a new lender, increasing total lending group to ten institutions.
Applicable margin now based on Utilization Percentage tiers, ranging from 3.25% to 4.25% for Tranche Rate Loans.

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

HighPeak Energy, Inc. amended credit facility of borrowing base to $700 million with Wells Fargo Bank, National Association.

Instrument: credit facility
Principal: borrowing base to $700 million
Counterparty: Wells Fargo Bank, National Association
Event: amendment

Exact text from the filing

(the “Company”), as borrower, Wells Fargo Bank, National Association, as administrative agent, the guarantors party thereto and the lenders party thereto entered into that certain Eighth Amendment to Credit Agreement (the “Credit Agreement Amendment”), which upon effectiveness, amended that certain Credit Agreement, dated as of December 17, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified by that certain (i) First Amendment to Credit Agreement, dated as of June 23, 2021, (ii) Second Amendment to Credit Agreement, dated as of October 1, 2021, (iii) Third Amendment to Credit Agreement, dated as of February 9, 2022, (iv) Fourth Amendment to Credit Agreement, dated as of June 27, 2022 (v) Fifth Amendment to Credit Agreement, dated as of October 14, 2022, (vi) Sixth Amendment to Credit Agreement, dated as of October 31, 2022, (vii) Seventh Amendment to Cred

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

HighPeak Energy, Inc. amended Eighth Amendment to Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto valued at $700 million (effective 2023-03-14).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto
Value: $700 million
Effective: 2023-03-14

Exact text from the filing

On March 14, 2023 (the “Eighth Amendment Effective Date”), HighPeak Energy, Inc. (the “Company”), as borrower, Wells Fargo Bank, National Association, as administrative agent, the guarantors party thereto and the lenders party thereto entered into that certain Eighth Amendment to Credit Agreement (the “Credit Agreement Amendment”), which upon effectiveness, amended that certain Credit Agreement

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HighPeak Energy, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-006690

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