Ring Energy amends credit agreement to exclude acquisition spending from Free Cash Flow calculation

RING ENERGY, INC.

Free Cash Flow definition amended: amounts used for acquisitions no longer subtracted from the calculation.
Amendment entered into on February 12, 2024, with Truist Bank as administrative agent and several lenders.
Effective immediately; no default or material adverse change condition required for implementation.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

RING ENERGY, INC. amended Second Amended and Restated Credit Agreement with Truist Bank valued at Amendment to redefine Free Cash Flow so acquisition amounts are no longer subtracted (effective 2024-02-12).

Action: amendment
Agreement: credit facility
Counterparty: Truist Bank
Value: Amendment to redefine Free Cash Flow so acquisition amounts are no longer subtracted
Effective: 2024-02-12

Exact text from the filing

On February 12, 2024, Ring Energy, Inc. (the “Company”), Truist Bank (“Truist”) as the Administrative Agent and Issuing Bank, and the lenders party thereto (the “Lenders”) entered into an amendment (the “Amendment”) to the Second Amended and Restated Credit Agreement dated August 31, 2022, by and among the Company, as Borrower, Truist as Administrative Agent and Issuing Bank, and the Lenders (together with all amendments or other modifications, the “Credit Agreement”).

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Source: SEC EDGAR

accession 0001628280-24-005338

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