Civitas Resources upsizes revolver borrowing base to $1.7 billion

By Mary-Katherine Stinson

Lexington, Ky., April 21 – Civitas Resources, Inc. entered a second amendment to its senior secured credit facility on April 20 which increased the borrowing base to $1.7 billion from $1 billion and the elected commitment to $1 billion from $800 million, according to an 8-K filing with the Securities and Exchange Commission on Thursday.

As of March 31, the company stated it did not have any borrowings outstanding on the credit facility and had $154 million of cash on hand.

The amendment also added Toronto-Dominion Bank New York Branch and Zions Bancorporation NA, doing business as Amegy Bank, on to the agreement as new lenders.

They join JPMorgan Chase Bank NA, Bank of America NA, Citibank NA, Fifth Third Bank NA, Keybank NA, PNC Bank NA, Royal Bank of Canada, Truist Bank, U.S. Bank NA, Wells Fargo Bank NA, Capital One NA, Bokf NA, Comerica Bank, Credit Suisse AG New York Branch and Goldman Sachs Bank USA as lenders.

JPMorgan Chase Bank NA is the administrative agent.

Bonanza Creek Energy Operating Co. LLC, Holmes Eastern Co. LLC, Rocky Mountain Infrastructure LLC, Highpoint Resources Corp., Highpoint Operating Corp., Fifth Pocket Production, Extraction Oil & Gas, Inc., Extraction Finance Corp., Mountaintop Minerals LLC, Table Mountain Resources LLC, Northwest Corridor Holdings LLC, XTR Midstream LLC, 7N LLC, 8 North LLC, Axis Exploration LLC, XOG Services LLC, Raptor Condor Merger Sub 2 LLC, Crestone Peak Resources GP Inc., Crestone Peak Resources LLC, Crestone Peak Resources Acquisition Co. I LLC, Crestone Peak Resources Operating LLC, Crestone Peak Resources Midstream LLC, Crestone Peak Resources Holdings LLC, Collegiate Holdings LLC, Crestone Peak Resources Watkins Midstream LLC, Crestone Peak Resources Watkins Holdings LLC and Crestone Peak Resources LP are the guarantors.

Civitas is a Denver-based energy exploration and production company. The company was formed through the merger of Bonanza Creek Energy Inc., Extraction Oil & Gas and Crestone Peak Resources.

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