Marathon Oil lifts credit facility to $3.15 billion, extends portion

By Wendy Van Sickle

Columbus, Ohio, June 23 – Marathon Oil Corp. increased aggregate commitments under its amended and restated credit agreement dated May 28, 2014 to $3.149 billion from $3 billion and to extend the maturity date of the commitments of some lenders to June 21, 2024 from May 28, 2023, according to an 8-K filing with the Securities and Exchange Commission.

The remaining commitments will continue to mature on May 28, 2023, on which date the credit facility will be reduced to $2.995 billion.

Further, some revisions were made to the pricing schedule, including to provide for the eventual replacement of Libor.

The company entered into an amendment to the credit agreement on Monday.

JPMorgan Chase Bank, NA is the administrative agent.

The energy company is based in Houston.

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