Gulfport Energy 8-K Amended Credit Agreement

Gulfport Energy 8-K Amended Credit Agreement

Postby dave_n » Wed Dec 05, 2018 8:16 am

I was just going through SEC filings for key holdings. Gulfport filed their amended and restated credit agreement for their $1.4B LOC facility. The agreement's primary modification was to allow the facility proceeds to be used to "acquire Equity Interests issued by it." This could be the front-end of a large stock repurchase announcement. Just saying...


SEC filing link to amendment:
https://www.sec.gov/Archives/edgar/data/874499/000119312518342161/d665556dex101.htm

Extracted "Key" Wording:
Amendments to Original Credit Agreement. On the Thirteenth Amendment Effective Date, the Original Credit Agreement shall be amended as follows:

(a) A new Section 1.07 shall be added to the Original Credit Agreement to read in its entirety as follows:

“1.07. Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.”

(b) Clause (g) of Section 8.06 of the Original Credit Agreement shall be amended read in its entirety as follows:

“(g) Borrower and each Subsidiary may directly or indirectly purchase, redeem or otherwise acquire Equity Interests issued by it,provided that immediately before and after giving effect thereto, (i) no Default, Event of Default or Borrowing Base deficiency exists, (ii) Liquidity (after giving proforma effect to such purchase, redemption or acquisition) is not less than 15% of the then-existing Aggregate Commitments, and (iii) the proforma ratio of Net Funded Debt to EBITDAX of the Loan Parties on a consolidated basis does not exceed 3.00 to 1.00;”
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Re: Gulfport Energy 8-K Amended Credit Agreement

Postby dave_n » Mon Dec 10, 2018 11:33 am

Today, Firefly Value Partners filed an SC 13D, showing increase in ownership. Scroll to bottom of link below. They increased their position by over 1 million shares. They also bought 43,500 calls due June 30, 2019, laddered strikes.

https://www.sec.gov/Archives/edgar/data/874499/000119380518001406/sc13d12038002_12102018.htm
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