LAREDO PETROLEUM,INC. (NYSE:LPI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.

On April19, 2018, Laredo Petroleum, Inc. (the "Company") entered into the Third Amendment (the"Third Amendment") to the Fifth Amended and Restated Credit Agreement (as amended, the "Senior Secured Credit Facility") among the Company, as borrower, Wells Fargo Bank, N.A., as administrative agent, Laredo Midstream Services, LLC and Garden City Minerals, LLC, as guarantors, and the banks signatory thereto. Among the more significant changes reflected in the Third Amendment are: (i) the Borrowing Base was increased from $1.0 billion to $1.3 billion; (ii) the Aggregate Elected Commitment Amount was increased from $1.0 billion to $1.2 billion; (iii) the maturity date was extended to April 19, 2023, provided that if either the January 2022 Notes or March 2023 Notes (each, as defined in the Senior Secured Credit Facility) have not been refinanced on or prior to the date (as applicable, the"Early Maturity Date") 90 days before their respective stated maturity dates, the Senior Secured Credit Facility will mature on such Early Maturity Date; (iv) margin applied to both Eurodollar and Adjusted Base Rate Loans and the fees charged in connection with letters of credit were reduced by 0.750%, in each case, at all levels of Borrowing Base utilization; (v) provision was made to permit the Administrative Agent and the Company to adopt a reference rate to replace the LIBOR Rate for purposes of determining the Eurodollar Rate in certain circumstances; (vi) the maximum Letter of Credit Exposure was increased from $20 million to $80 million; and (vii) the definitions of Permitted Investments and covenants limiting payment of dividends and other Distributions and Redemption of Senior Notes were modified to eliminate caps on the amounts of Permitted Investments, Distributions and Redemptions of Senior Notes, in each case, so long as (w) no Default or Event of Default exists or results therefrom, (x) undrawn Commitments are greater than or equal to 20% of Total Commitments, (y) the pro forma ratio of Consolidated Current Assets to Consolidated Current Liabilities is not less than 1.00 to 1.00 and (z) the pro forma Consolidated Total Leverage Ratio is not greater than 3.00 to 1.00. All capitalized terms above have the meanings ascribed to them in the Third Amendment or the Senior Secured Credit Facility, as applicable.

The foregoing description of the Third Amendment is a summary only and is qualified in its entirety by reference to the complete text of the Third Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 9.01.Financial Statements and Exhibits.

(d) Exhibits.

Laredo Petroleum, Inc. Exhibit
EX-10.1 2 ex101042318.htm EXHIBIT 10.1 Exhibit EXHIBIT 10.1THIRD AMENDMENTtoFIFTH AMENDED AND RESTATED CREDIT AGREEMENTamongLAREDO PETROLEUM,…
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About LAREDO PETROLEUM,INC. (NYSE:LPI)

Laredo Petroleum, Inc. (Laredo) is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties, and the transportation of oil and natural gas from such properties primarily in the Permian Basin in West Texas. The Company’s segments include Exploration and production, and Midstream and marketing. The exploration and production of oil and natural gas properties are conducted by the Company through the exploration and development of its acreage in the Permian Basin. It focuses on development activities in over four targets for horizontal drilling (Upper, Middle and Lower Wolfcamp and Cline formations). It has over 131,760 of the net acres in the Permian-Garden City area. The Midstream and marketing segment’s operations are conducted by its subsidiary, Laredo Midstream Services, LLC, which buys, sells, gathers and transports oil, natural gas and water. This system gathers, transports and delivers over 69,000 barrels per day.