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Actionable news in PQ: PETROQUEST ENERGY Inc,

Petroquest Energy: Item 1.01. Entry Into A Material Definitive Agreement

The following excerpt is from the company's SEC filing.

Company

”), PetroQuest Energy, L.L.C., a Louisiana limited liability company (the “

Borrower

”), and TDC Energy LLC, a Louisiana limited liability company, entered into the Twelfth Amendment to Credit Agreement (the “

”), which amends the Credit Agreement dated as of October 2, 2008 (as previously amended, the “

”), with JPMorgan Chase Bank, National Association, Wells Fargo Bank, N.A., Capital One, N.A., Iberiabank, Bank of America, N.A. and The Bank of Nova Scotia (collectively, “

Lenders< br>
Pursuant to the Twelfth Amendment, the Lenders have agreed to amend the maximum ratio of total debt to EBITDAX, determined on a rolling four quarter basis, to be (a) 4.0 to 1.0 as of the last day of the fiscal quarter ending September 30, 2015 and that the amount of total debt for such quarterly period shall be reduced by the amount of unencumbered and unrestricted net cash proceeds actually received by the Borrower from the Woodford Asset Sale (as defined in the Credit Agreement), such reduction amount not to exceed $130,000,000, (b) for so long as the Borrower has Unused Availability (as defined in the Twelfth Amendment) greater than or equal to 75% of the aggregate commitments of the Lenders at all times during the consecutive three (3) month period prior to and including the date of calculating the maximum ratio of total debt to EBITDAX, (i) 4.5 to 1.0 as of the last day of the fiscal quarters ending December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016, and (ii) 4.25 to 1.0 as of the last day of the fiscal quarter ending December 31, 2016, provided that in each of the foregoing cases, the amount of total debt for such...


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