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Chaparral Energy amends loan, revising maturity, pricing, covenants
By Sara Rosenberg
New York, April 4 - Chaparral Energy Inc. amended its credit facility, extending the maturity to April 1, 2016 from April 12, 2014, reducing pricing and changing covenants, according to an 8-K filed with the Securities and Exchange Commission on Monday.
Pricing on the amended facility can range from Libor plus 250 basis points to 350 bps based on use, and the commitment fee is set at 50 bps.
As for covenants, the total debt to EBITDAX requirement was removed and the net debt to EBITDAX ratio was changed to 4.50 to 1.0 for the rolling periods ending on or prior to Dec. 31, 2011 and 4.25 to 1.0 thereafter.
In connection with the amendment, the borrowing base was reaffirmed at $375 million.
The amendment was completed on April 1.
JPMorgan Chase Bank is the administrative agent on the deal.
Chaparral is an Oklahoma City-based independent oil and natural gas production and exploration company.
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