GULFPORT ENERGY CORPORATION (NASDAQ:GPOR) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
Amendment to Credit Facility
On October4, 2017, Gulfport Energy Corporation, a Delaware corporation (“Gulfport”), as borrower, entered into a tenth amendment to its secured revolving credit facility (the “Credit Facility”) with The Bank of Nova Scotia, as administrative agent, and the lenders party thereto (the “Tenth Amendment”). The Tenth Amendment (i)increases the permitted amount of unsecured indebtedness to $2.1 billion, (ii)waives the reduction in Gulfport’s borrowing base that would have occurred upon the closing of the Notes Offering by an amount equal to 25% of the principal amount of the Notes (as defined below) and (iii)confirms that, after giving effect to the closing of the Notes Offering, Gulfport’s borrowing base will remain at $1.0 billion. As of October4, 2017, approximately $365.0 million of borrowings and $237.5 million of letters of credit were outstanding under the Credit Facility, and borrowings outstanding under the Credit Facility bore interest at the rate of 3.74%per annum.
The preceding summary of the Tenth Amendment is qualified in its entirety by reference to the full text of such agreement, a copy of which is attached as Exhibit 10.1 hereto and incorporated herein by reference.
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 in Item 1.01 above with respect to the Tenth Amendment is incorporated herein by reference, as applicable.
Item 1.01. Other Events.
Operational Update on SCOOP Well Results
On October4, 2017, Gulfport issued a press release announcing recent SCOOP well results. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Notes Offering
On October5, 2017, Gulfport issued a press release announcing that it proposes to offer, subject to market conditions and other factors, $450.0 million aggregate principal amount of its Senior Notes due 2026 (the “Notes”) to repay all of its outstanding borrowings under the Credit Facility and for general corporate purposes, which may include the funding of a portion of its 2017 capital development plans. The Notes will be offered to qualified institutional buyers to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act (the “Notes Offering”). A copy of the press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This report is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
Item 1.01. Financial Statements and Exhibits.
(d) Exhibits
GULFPORT ENERGY CORP ExhibitEX-10.1 2 d467491dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 TENTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT Dated as of October 4,…To view the full exhibit click here
About GULFPORT ENERGY CORPORATION (NASDAQ:GPOR)
Gulfport Energy Corporation (Gulfport) is an independent oil and natural gas exploration and production company focused on the exploration, exploitation, acquisition and production of natural gas, natural gas liquids and crude oil in the United States. The Company has an oil and natural gas portfolio of proved reserves, as well as development and exploratory drilling opportunities on conventional and unconventional oil and natural gas prospects. The Company’s principal properties are located in the Utica Shale primarily in Eastern Ohio and along the Louisiana Gulf Coast in the West Cote Blanche Bay (WCBB), and Hackberry fields. In addition, the Company has interest in producing properties in the Niobrara Formation of Northwestern Colorado and the Bakken Formation. The Company also holds an acreage position in the Alberta oil sands in Canada through its interest in Grizzly Oil Sands ULC (Grizzly), and interests in an entity that operates in the Phu Horm gas field in Thailand.
