Item 1.01 Entry into a Material Definitive Agreement.
OnMay 17, 2023 ,PDC Energy, Inc. (the "Company') entered into a First Amendment to Fifth Amended and Restated Credit Agreement (the "Amendment") with certain lenders, includingJPMorgan Chase Bank, N.A ., as administrative agent. The Amendment amends the Company's Fifth Amended and Restated Credit Agreement dated as ofNovember 2, 2021 (as previously amended and as further amended by the Amendment, the "Credit Agreement"). In connection with the Amendment and as part of our semi-annual redetermination of our borrowing base, the aggregate maximum credit amount was increased from$2.5 billion to$3.5 billion and the borrowing base was reaffirmed at$3.5 billion . The Company elected an increase in its aggregate revolving commitment amount from$1.5 billion to$1.8 billion . The borrowing base will remain at$3.5 billion until the next redetermination or adjustment of the borrowing base made in accordance with the terms of the Credit Agreement. In addition, the Amendment, among other things, amended the Credit Agreement to permit either (i) the incurrence of pari passu term loans outside of the Credit Agreement on or prior to the first anniversary of the effective date of the Amendment or (ii) the incurrence of term loans from the Credit Agreement lenders, in either case in an aggregate amount not to exceed one-third of the sum of (x) the aggregate elected revolving commitment amount plus (y) the pro forma total amount of total term loans outstanding, and further subject to the borrowing base and the other limitations and conditions set forth in the Credit Agreement.
The foregoing description of the Amendment is qualified in its entirety by reference to the full and complete terms of the Amendment, which is included as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are filed herewith.
Exhibit No. Description 10.1 First Amendment to Fifth Amended and Restated
Credit Agreement, dated as
ofMay 17, 2023 , amongPDC Energy, Inc. , as
borrower, the guarantors party
thereto,JPMorgan Chase Bank, N.A ., as
administrative agent, and the
lenders named therein. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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