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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
JPMorgan Chase Agents Expansion of Contango Senior Credit Facility
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Lenders/Participants
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JPMorgan Chase Bank [Administrative Agent]
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Structure
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Senior Credit Facility Expansion
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Amount
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$250.000
Million
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Borrower(s)
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Contango Oil & Gas Company
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Description
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Company amended and expanded its Senior Credit Facility led by JPMorgan Chase Bank under which the borrowing base has been increased from $120 million to $250 million. On May 3, 2021, the Company entered into the Fifth Amendment to the Credit Agreement, dated as of September 17, 2019, by and among the Company, JPMorgan Chase Bank, as administrative agent, and the other participating lenders thereto. The Amendment provides for, among other things, an increase in the borrowing base to $250 million, the reinstatement of the current ratio test of a minimum of 1.0:1.0 beginning with the quarter ending June 30, 2021, a slight reduction in the maximum Debt/Adj. EBITDAX from no greater than 3.5:1 to no greater than 3.25:1, and a reduction in our rolling hedge requirements as a % of hedgeable oil and natural gas production on an equivalent barrel basis, and other minor changes which are more administrative in nature. As of April 30, 2021, the company had $2.9 million in cash and $86.7 million of long-term debt outstanding under its Credit Facility. Adjusted for the borrowing base increase to $250 million in this amendment and $2.9 million in letters of credit outstanding, the company had $160.4 million in undrawn capacity on its line and $163.3 million in total liquidity.
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Industry
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Oil & Gas
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| Related Tags |
Energy, JPMorgan Chase Bank
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ABL Advisor
Deal Tables
2024
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