Amplify Energy restates for reserve-based revolver due in four years

By Wendy Van Sickle

Columbus, Ohio, Aug. 1 – Amplify Energy Corp. subsidiary Amplify Energy Operating LLC amended and restated its credit agreement with KeyBank NA as administrative agent on July 31 to provide for a reserve-based revolver that is subject to a borrowing base of $180 million, according to an 8-K filing with the Securities and Exchange Commission.

The principal amount of loans outstanding at closing was $120 million.

The initial borrowing base is $150 million with elected commitments of $135 million.

The maturity date is July 31, 2027, and borrowings bear interest at adjusted SOFR plus an applicable margin that is based on a utilization ratio of the lesser of the borrowing base and the aggregate commitments. The applicable margin ranges from 300 basis points to 400 bps.

Unused commitments will accrue a commitment fee of 50 bps, payable quarterly in arrears.

The company must comply with a net debt leverage ratio of 3 to 1 and a current ratio of at least 1 to 1 as of the last day of each fiscal quarter, in each case commencing with the fiscal quarter ending Dec. 31, 2023.

Keybanc Capital Markets Inc., Cadence Bank and Citizens Bank, NA are the joint lead arrangers and bookrunners.

Keybanc is the bookrunner.

Houston-based Amplify is focused on the acquisition, production and development of oil and natural gas properties in the United States.

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