Civitas Resources Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
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| Item 1.01. | Entry into a Material Definitive Agreement. |
On May 28, 2025, Civitas Resources, Inc., a Delaware corporation (the “Company”), the guarantors party thereto (the “Guarantors”), the lenders party thereto, and JPMorgan Chase Bank, N.A., as the administrative agent (the “Administrative Agent”) entered into an Eighth Amendment to Amended and Restated Credit Agreement (the “Eighth Amendment”), which Eighth Amendment amends the terms of that certain Amended and Restated Credit Agreement, dated as of November 1, 2021, among the Company, the Guarantors, each lender from time to time party thereto, and the Administrative Agent (the “Credit Agreement”).
The Eighth Amendment amends the Credit Agreement to, among other things: (i) reduce the Borrowing Base (as defined in the Credit Agreement) from $3.4 billion to $3.3 billion, (ii) reaffirm the elected loan limit under the Credit Agreement at $2.5 billion, and (iii) modify the definition of “Revolving Credit Maturity Date” in the Credit Agreement to remove the springing maturity requirement that would otherwise cause the revolving credit facility under the Credit Agreement to mature on the date that is 180 days prior to the scheduled maturity of the Company’s 5.000% Senior Notes due 2026.
The foregoing description of the Eighth Amendment is a summary only, does not purport to be complete, and is qualified in its entirety by reference to the full text of the Eighth Amendment, which is filed herewith as Exhibit 10.1 and incorporated by reference into this Item 1.01.
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
|
Exhibit |
Description | |
| 10.1 | Eighth Amendment to Amended and Restated Credit Agreement, dated May 28, 2025, among Civitas Resources, Inc., the guarantors party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as the administrative agent. | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CIVITAS RESOURCES, INC. | ||
| Date: May 29, 2025 | By: | /s/ Adrian Milton |
| Name: | Adrian Milton | |
| Title: | Senior Vice President, General Counsel and Assistant Corporate Secretary | |