Crescent Energy amends, extends $1.3 billion credit agreement

By William Gullotti

Buffalo, N.Y., April 12 – Crescent Energy Co. subsidiary Crescent Energy Finance LLC amended and extended its $1.3 billion credit agreement with Wells Fargo Bank, NA as administrative agent on April 10, according to an 8-K filing with the Securities and Exchange Commission.

The seventh amendment to the facility extended the maturity to April 10, 2029 from Sept. 23, 2027.

Although the amended facility maintained its $1.3 billion of elected commitments, the borrowing base was reduced to $1.7 billion from $2 billion.

The facility fee on the unused revolving commitments was modified to be either 37.5 basis points or 50 bps, determined by the facility’s utilization.

The applicable margin above SOFR was maintained, ranging from 235 bps to 335 bps, also based on utilization.

The oil and gas exploration and production company is based in Houston.

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