Encana Corporation (TSE:ECA) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On March28, 2018, Encana Corporation (“Encana”) entered into a First Amending Agreement, dated as of March28, 2018, to its Restated Credit Agreement, dated as of July16, 2015 (“First Amending Agreement”), among Encana as borrower, the financial institutions party thereto as lenders and Royal Bank of Canada as agent, to, among other things, reduce the size of the revolving credit facility from US$3,000,000,000 to US$2,500,000,000, update certain interest rate definitions and extend the maturity date from July16, 2020 to July15, 2022.
On March28, 2018, Encana’s U.S. subsidiary, Alenco Inc., entered into a Successor Agent Agreement and Amendment No.4 to the Credit Agreement, dated as of March28, 2018 (“Amendment No.4”), to its Second Amended and Restated Credit Agreement, dated as of October20, 2011, as further amended, among Alenco Inc. as borrower, the banks, financial institutions and other institutional lenders thereto as lenders, JPMorgan Chase Bank, N.A., in its capacity as successor administrative agent and Citibank, N.A., in its capacity as existing administrative agent, to, among other things, appoint JPMorgan Chase Bank, N.A. as successor administrative agent, update certain interest rate definitions, amend the ratings-based pricing grid to reduce the applicable margins and to extend the maturity date from July16, 2020 to July15, 2022. The size of the revolving credit facility was not amended and remains at US$1,500,000,000.
The foregoing description of the First Amending Agreement and Amendment No.4 do not purport to be complete and are qualified in their entirety by reference to the First Amending Agreement and Amendment No.4, which are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K.
Item 1.01 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 1.01 by reference.
| Item 1.01 |
Financial Statements and Exhibits. |
(d) Exhibits
| ExhibitNo. | Exhibit Description |
| Exhibit10.1 |
First Amending Agreement dated as of March 28, 2018, among Encana Corporation as borrower, the financial institutions party thereto as lenders and Royal Bank of Canada as agent. |
| Exhibit 10.2 |
Successor Agent Agreement and Amendment No. 4 to the Credit Agreement dated as of March 28, 2018, among Alenco Inc. as borrower, the banks, financial institutions and other institutional lenders thereto as lenders, JPMorgan Chase Bank, N.A., in its capacity as successor administrative agent, and Citibank, N.A., in its capacity as existing administrative agent. |
ENCANA CORP ExhibitEX-10.1 2 d559692dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 Execution version FIRST AMENDING AGREEMENT THIS AMENDING AGREEMENT dated as of March 28,…To view the full exhibit click here
About Encana Corporation (TSE:ECA)
Encana Corp is a Canada-based energy producer, which is engaged in the business of exploration, development, production and marketing of natural gas, oil and natural gas liquids (NGLs). The Company’s operations also include the marketing of natural gas, oil and NGLs. All of its reserves and production are located in North America. The Company operates through three segments: Canadian Operations, USA Operations and Market optimization. The Company’s Canadian Operations segment includes the exploration for, development of, and production of natural gas oil and NGLs and other related activities within Canada. USA Operations include the exploration for, development of, and production of natural gas, oil and NGLs, and other related activities within the United States. Market Optimization segment is responsible for the sale of the Company’s production and managing the associated netback price. Market Optimization sells the Company’s upstream production to third-party customers.
