Centennial Resource enters into waiver, amendment to credit agreement

By Tali Rackner

Minneapolis, Nov. 14 – Centennial Resource Development, Inc. subsidiary Centennial Resource Production, LLC entered into a limited consent and sixth amendment to amended and restated credit agreement on Friday with JPMorgan Chase Bank, NA, as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment provides for: (a) the waiver of the automatic reduction of the borrowing base under the credit agreement that would otherwise occur upon the issuance of its new note offering; and (b) amends the agreement to remove the cap on the principal amount of notes that Centennial Resource and the guarantors under the agreement are allowed to incur.

On Monday, the company announced a private offering of the $350 million senior unsecured notes due 2026.

Denver-based Centennial Resource Production is an independent oil and natural gas company with properties in the core of the Southern Delaware Basin.

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