Actionable news
All posts from Actionable news
Actionable news in COG: CABOT OIL & GAS Corp,

Entry into a Material Definitive

Credit Facility Amendment.

On February4, 2016, Cabot Oil& Gas Corporation (the Company) entered into the Fourth Amendment to Amended and Restated Credit Agreement (the Credit Agreement Amendment), which amended that certain Amended and Restated Credit Agreement, dated as of September22, 2010, among the Company, the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders, as previously amended (the Credit Agreement). The Credit Agreement Amendment is effective as of December31, 2015.

The Credit Agreement Amendment, among other things, amended the Credit Agreement to:

calculate the present value of proved reserves, as used to determine the Asset Coverage Ratio (defined below), on a before tax basis;

reduce the minimum ratio of the present value of proved reserves to debt (the Asset Coverage Ratio) for two years;

increase the interest rate and commitment fees under the Credit Agreement under certain circumstances during such period; and

impose a maximum ratio of debt and other obligations to earnings before interest, taxes, depreciation, depletion, exploration and certain other expenses (the Leverage Ratio).

Senior Notes Amendment.

Also on February4, 2016, the Company entered into amendments to each of the Note Purchase Agreements (collectively and as each may have been previously amended, the Senior Note Agreement) for each series of its issued and outstanding senior notes (the Senior Notes), effective December31, 2015 (collectively, the Senior Note Amendments), amending the respective Agreements to, among other things:

calculate the present value of proved...