Battalion Oil and Halcon Holdings amend and restate credit agreement

Chicago, Nov. 29 – Battalion Oil Corp. and Halcon Holdings, LLC amended and restated the senior secured credit agreement that lists Macquarie Bank Ltd. as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.

The term loan includes $200 million funded on the closing date, used to refinance amounts owed on an existing credit agreement.

There is also $20 million available to be drawn up to 18 months from the closing date, Nov. 24.

Another $15 million will be available to be drawn from the date certain wells included in the approved plan of development (APOD) are deemed producing APOD wells, until 18 months from the closing date.

The term loan matures Nov. 24, 2025.

Interest is Libor plus 700 basis points.

Prepayment premiums start at a make-whole amount equal to 12 months of interest plus 200 bps for the first year.

For the second year, the premium is 200 bps. In the third year, the premium is 100 bps. Then any repayment after that time would be without a premium.

Starting March 31, 2023 through Sept. 30, 2025, there are scheduled amortization payments of $120 million.

Macquarie was listed as lead arranger.

Battalion is a Houston-based independent energy company.

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