Gulfport Energy amended agreement provides for $1.5 billion facility

Chicago, Oct. 14 – Gulfport Energy Corp. and Gulfport Energy Operating Corp. entered into a third amended and restated credit agreement with JPMorgan Chase Bank, NA as administrative agent on Oct. 14, according to an 8-K filed with the Securities and Exchange Commission.

The amendment provides for up to $1.5 billion in a new money senior secured reserve-based revolving credit facility with an Oct. 14, 2025 maturity date.

The initial borrowing base is $850 million, and there are initial aggregate elected commitments amounting to up to $750 million.

The borrowing base will be redetermined semiannually.

The sublimit for letters of credit is $175 million.

Interest is between Libor plus 275 basis points and 375 bps.

Excess cash above $45 million, as defined in the credit agreement, needs to be applied to prepay loans.

As of the last day of each fiscal quarter, Gulfport Energy must have a net funded leverage ratio of less than 3.25x and a current ratio of greater than 1x.

The commitment on the average daily unused portion is 50 bps.

JPMorgan Chase Bank, NA, Citizens Bank, NA, Fifth Third Bank NA, KeyBanc Capital Markets Inc., Mizuho Bank, Ltd., MUFG Bank, Ltd., Truist Securities, Inc. and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners.

Gulfport is a natural gas and oil company based in Oklahoma City.

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