Whiting Petroleum amended its credit agreement with JPMorgan as administrative agent, replacing the existing agreement with a $2.4 billion revolving credit facility.

JPMorgan, Merrill Lynch and Wells Fargo Securities served as joint lead arrangers.

According to a related 8-K filing, the company elected to secure commitments of $1.75 billion at closing. As of April 12, 2018, the total amount of loans and letters of credit outstanding under the credit facility was $234.2 million. A portion of the revolving credit facility, in an aggregate amount not to exceed $50 million, may be used to issue letters of credit for the account of Whiting Oil and Gas and other designated subsidiaries of the company.

Outstanding letters of credit were approximately $2 million as of April 12, 2018. Whiting Oil and Gas may increase the aggregate amount of the loans under the credit agreement by up to $1.25 billion, provided that certain conditions are satisfied, including that no default or event of default exists under the credit agreement at the time of the increase and that Whiting Oil and Gas obtains the consent of the lenders participating in the increase. With certain exceptions, the credit facility will mature on April 12, 2023.

Whiting Oil and Gas also will incur a commitment fee with respect to the revolving facility on the unused portion of the lesser of the aggregate commitments of the lenders or the borrowing base, which commitment fee will be either 0.375% or 0.50% per annum based on the ratio of outstanding borrowings to the borrowing base.