| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for HighPeak Energy, Inc. > News item |
HighPeak Energy enters $100 million revolver due 2026
By Marisa Wong
Los Angeles, Nov. 6 – HighPeak Energy, Inc. entered into a revolving credit agreement on Nov. 1 with Fifth Third Bank, NA as administrative agent and as collateral agent, according to an 8-K filing with the Securities and Exchange Commission.
The revolver has a borrowing capacity of $100 million, elected commitments of $75 million and a maturity date of Sept. 30, 2026.
Loans will bear interest at adjusted term SOFR plus an applicable margin ranging from 400 basis points to 500 bps, based on the ratio of the outstanding principal loan amounts to the aggregate amount of lenders’ commitments.
The credit agreement is guaranteed by the company and certain of its subsidiaries and secured by a first-lien security interest in substantially all assets of the company and certain of its subsidiaries.
The credit agreement also contains some financial covenants, including an asset coverage ratio that may not be less than 1.50 to 1.00 as of the last day of any fiscal quarter and a total net leverage ratio that may not exceed 2.00 to 1.00 as of the last day of any fiscal quarter.
The agreement contains mandatory prepayment provisions, including the prepayment of gross proceeds from any incurred indebtedness other than permitted debt and the prepayment of net cash proceeds for asset sales and hedge terminations in excess of $25 million within one calendar year.
Fifth Third Bank, Texas Capital Bank and Wells Fargo Bank, NA are joint lead arrangers, and Fifth Third Bank is the bookrunner.
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.