Berry Corporation
11/20/2024 | Press release | Distributed by Public on 11/20/2024 16:17
Material Event Form 8 K
| Item 8.01 | Other Events. |
On November 15, 2024 (the "Redetermination Date"), the scheduled semi-annual redetermination of the borrowing base occurred under the Credit Agreement, dated as of August 26, 2021 (as amended, supplemented or otherwise modified, the "Revolving Credit Agreement"), by and among Berry Corporation (bry) (the "Company") as a guarantor, Berry Petroleum Company, LLC, our wholly-owned subsidiary, as borrower (the "Borrower"), JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto. In connection with such redetermination, the Borrower's borrowing base and aggregate elected committed amount under the Revolving Credit Agreement are each $95 million (previously $125 million), effective as of the Redetermination Date. The Borrower expects to repay in full and terminate the Revolving Credit Agreement in conjunction with the funding of that certain Senior Secured Term Loan Credit Agreement, dated as of November 6, 2024 (as amended, supplemented or otherwise modified, the "Term Loan Credit Agreement"), among the Company, as borrower, certain subsidiaries of the Company party thereto, as guarantors, Breakwall Credit Management LLC, as administrative agent, and the lenders party thereto. Such redetermination of the Borrower's borrowing base under the Revolving Credit Agreement corresponds to the delayed draw term loan facility in an aggregate principal amount of up to $95 million under the Term Loan Credit Agreement. The Company is also actively evaluating whether to enter into a new reserve-based credit facility and terminate some or all of the commitments under the delayed draw term loan facility under the Term Loan Credit Agreement.