Chaparral Energy enters $400 million restated reserve-based revolver

By Marisa Wong

Morgantown, W.Va., Dec. 27 – Chaparral Energy, Inc. entered into a 10th restated credit agreement on Dec. 21 for a $400 million reserve-based secured revolving credit facility due Dec. 21, 2022, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is the bookrunner and a joint lead arranger alongside Capital One, NA and Natixis, New York Branch, with JPMorgan Chase Bank as administrative agent, Capital One and Natixis as co-syndication agents. KeyBank NA and Societe Generale are co-documentation agents.

The initial borrowing base has been set at $285 million until the first semiannual borrowing base redetermination in May 2018.

Interest is equal to Libor plus an applicable margin based on borrowing base utilization and ranges from 250 basis points to 350 bps.

The credit agreement requires maintenance of some financial covenants, including a ratio of total debt to EBITDAX of not more than 4.00 to 1.00 and a ratio of consolidated current assets to consolidated current liabilities of not less than 1.00 to 1.00.

Chaparral Energy is an oil and gas company based in Oklahoma City.

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