UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry Into a Material Definitive Agreement. |
On March 22, 2024, MRC Energy Company, a wholly owned subsidiary of Matador Resources Company (the “Company”), entered into a Fifth Amendment to Fourth Amended and Restated Credit Agreement (the “Amendment”), which amends the Company’s secured revolving credit facility (the “Credit Agreement”) to, among other things, (i) reaffirm the borrowing base at $2.50 billion, (ii) increase the maximum facility amount from $2.0 billion to $3.50 billion, (iii) increase the elected borrowing commitments from $1.325 billion to $1.50 billion, (iv) extend the maturity date from October 2026 to March 2029 and (v) replace Truist Bank with PNC Bank, National Association as administrative agent thereunder. This increase of the borrowing base pursuant to the Amendment constituted the regularly scheduled May 1 redetermination.
As of March 22, 2024, the Company had $570 million in borrowings outstanding under the Credit Agreement, and approximately $41.7 million in outstanding letters of credit issued under the Credit Agreement.
The foregoing description of the Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K (this “Current Report”) and is incorporated herein by reference.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant. |
The disclosures under Item 1.01 of this Current Report are also responsive to Item 2.03 of this Current Report and are incorporated herein by reference.
| Item 7.01 | Regulation FD Disclosure. |
On March 25, 2024, the Company issued a press release announcing the Amendment and other matters. A copy of the press release is attached hereto as Exhibit 99.1.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description of Exhibit | |
| 10.1 | Fifth Amendment to Fourth Amended and Restated Credit Agreement, dated as of March 22, 2024, by and among MRC Energy Company, as Borrower, the Lenders party thereto and PNC Bank, National Association, as Administrative Agent for the Lenders. | |
| 99.1 | Press Release, dated March 25, 2024. | |
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL (included as Exhibit 101). | |
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.
| MATADOR RESOURCES COMPANY | ||||||
| Date: March 25, 2024 | By: | /s/ Bryan A. Erman | ||||
| Name: | Bryan A. Erman | |||||
| Title: | Executive Vice President | |||||