Amplify Energy amends credit agreement, extends to 2024

By Wendy Van Sickle

Columbus, Ohio, Dec. 13 – Amplify Energy Corp. subsidiary Amplify Energy Operating LLC entered an amendment to its credit agreement with KeyBank NA as administrative agent on Dec. 9 to extend the maturity date to May 31, 2024 from Nov. 2, 2023, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also reduced the borrowing base to $215 million, provided that, beginning on Dec. 31, the borrowing base will be reduced by $5 million per month on the last calendar day of each month.

Further, the interest-rate basis was transitioned to SOFR from Libor; the borrower’s ability to pay dividends through the maturity date was removed; and the maximum consolidated net leverage ratio requirement was reduced to 3 to 1 from 4 to 1.

Houston-based Amplify is focused on the acquisition, production and development of oil and natural gas properties in the United States.

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