Hess amends, continues $3.5 billion revolving facility now due 2024

Chicago, April 13 – Hess Corp. amended and extended its revolving credit facility on Tuesday with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The maturity date has been pushed back a year to May 15, 2024 from May 15, 2023.

The credit facility will continue to be sized at $3.5 billion.

The original facility dates from April 18, 2019.

Provisions in the new facility provide for the replacement of Libor as a benchmark rate.

Interest continues to vary between Libor plus 100 basis points and 187 bps, based on ratings.

Also dependent on ratings, the commitment fee ranges from 12.5 bps to 37.5 bps.

Joint lead arrangers, joint bookrunners and syndication agents are Citibank, NA, Mizuho Bank, Ltd., MUFG Bank, Ltd., Sumitomo Mitsui Banking Corp., Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc.

JPMorgan was also a joint lead arranger and joint bookrunner.

Documentation agents are BNP Paribas, DNB Bank ASA, New York Branch, Bank of Nova Scotia, Houston Branch, TD Bank, New York Branch, Truist Bank and Wells Fargo Bank, NA.

Hess is a New York-based independent oil and gas producer.

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