Halcon amends revolving loan terms via JPMorgan, lifts leverage ratio

By Susanna Moon

Chicago, July 17 – Halcon Resources Corp. raised the leverage ratio under an amended senior secured revolving credit agreement dated July 12, according to an 8-K filing with the Securities and Exchange Commission.

The amendment provides for an increase in the ratio of consolidated total net debt to EBITDA of 4.75 times for the fiscal quarter ending Sept. 30; to 5 times for the fiscal quarters ending Dec. 31, 2018, March 31, 2019 and June 30, 2019; to 4.25 times for the fiscal quarter ending Sept. 30, 2019; and to 4 times for the fiscal quarter ending Dec. 31, 2019 and after that.

If the company closes a sale of all or a material portion of its midstream assets, however, then the ratio of consolidated total net debt to EBITDA will be reduced to 4 times for each fiscal quarter ending after the fiscal quarter in which the sale is completed.

JPMorgan Chase Bank, NA is the administrative agent.

Halcon is a Houston-based independent energy company.

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