HighPeak Energy ups facility to $400 million after acquisition

By William Gullotti

Buffalo, N.Y., June 30 – HighPeak Energy, Inc. amended and upsized its credit facility, in connection with an asset acquisition from Hannathon Petroleum, LLC, on June 28, according to an 8-K filing with the Securities and Exchange Commission.

Fifth Third Bank, NA is the administrative agent.

The amendment increased the facility’s borrowing base and commitments to $400 million from $138.75 million. The maximum credit amount under the agreement was also increased to $1.5 billion.

The amendment also upped the company’s maximum amount of excess cash on hand to $75 million.

The affirmative hedging requirement was modified so the borrower’s ratio of total debt to EBITDAX for the rolling period should be greater than 1.25 to 1.0 but less than or equal to 1.75 to 1.0.

Fifth Third Bank, NA is the administrative agent, also serving as a joint lead arranger with Citizens Bank NA and Bank of America, NA.

Based in Fort Worth, HighPeak Energy is an independent oil and natural gas company engaged in the acquisition, development and production of oil, natural gas and NGL reserves.

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