Bonanza Creek Energy,Inc. (NYSE:BCEI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On May31, 2018, Bonanza Creek Energy,Inc. (the “Company”) entered into Amendment No.3 (the “Amendment”) to its Amended and Restated Credit Agreement, dated as of April28, 2017, by and among the Company, the guarantors party thereto, the lenders party thereto (the “Lenders”), and KeyBank National Association, as administrative agent and as issuing lender. Given the Company’s current liquidity, capital requirements, and desire to avoid paying unnecessary fees, the Company requested reaffirmation of its existing borrowing base. Under the Amendment, the Lenders (i)reaffirmed the facility’s borrowing base of $191,666,666.66 and (ii)modified certain provisions related to the disposition of assets of the Company to provide the Company with greater flexibility to participate in assets swaps.
The Company expects to consider its longer-term financing requirements in a more comprehensive manner later this year.
This summary is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit10.1 to this Current Report on Form8-K and incorporated by reference herein.
Item 2.03 Creation of a Direct Financial Obligation.
The information set forth in Item 1.01 of this Current Report on Form8-K is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.