Daily News: May 29, 2018

Scotiabank Agents Gulfport Facility Amendment


Gulfport Energy amended its secured revolving credit facility with the Bank of Nova Scotia as administrative agent.

According to a related 8-K filing, Keybank and PNC joined Scotiabank as joint lead arrangers and joint bookrunners on the transaction, with Keybank and PNC also serving as co-syndication agents. Credit Suisse, Cayman Islands Branch, Wells Fargo and Barclays acted as co-documentation agents.

The amendment, among other things, decreased the applicable rate for all loans by 0.25% and permitted Gulfport and each of its subsidiaries to use the proceeds from dispositions of certain investments to acquire the common stock or other equity interests of Gulfport, subject to certain limitations.

The borrowing base was set at $1.4 billion, and Gulfport’s elected commitment amount will remain at $1 billion.

Gulfport Energy is an independent oil and natural gas exploration and production company focused on the exploration, exploitation, acquisition and production of natural gas, natural gas liquids and crude oil in the U.S.