EOG Resources gets $2 billion five-year replacement revolver

By Wendy Van Sickle

Columbus, Ohio, July 2 – EOG Resources, Inc. entered into a $2 billion senior unsecured revolving credit facility on June 27 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The facility replaces the company’s $2 billion senior unsecured revolving credit agreement dated July 21, 2015, which was set to mature July 21, 2020. There were no borrowings or letters of credit outstanding under the existing facility, and EOG terminated it without penalty, effective June 27.

The new facility matures June 27, 2024 and may be extended twice for successive one-year periods.

EOG may request to increase the aggregate commitments under the facility to $3 billion.

Borrowings bear interest at Libor plus 60 basis points to 110 bps, and the facility fee is 6 bps to 15 bps. The exact rates are based on EOG’s credit rating.

JPMorgan Chase Bank, NA, Citigroup Global Markets Inc., BMO Capital Markets Corp., Branch Banking and Trust Co., Canadian Imperial Bank of Commerce, New York Branch, Bank of Nova Scotia, Houston Branch and Wells Fargo Securities, LLC are the joint lead arrangers and bookrunners.

Citibank, NA is the syndication agent. BMO Harris Financing, Inc., Branch Banking and Trust, CIBC, Bank of Nova Scotia and Wells Fargo Bank, NA are the documentation agents.

EOG is a Houston-based crude oil and natural gas company.

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