Apple Stock Dips as Tim Cook Steps Down, John Ternus Named Next CEO 
Nidec Stock Rises After Accounting Probe Report Eases Delisting Concerns 
Nvidia Pushes 800V Data Center Power Systems to Boost Efficiency and Cut Costs 
Rising Jet Fuel Costs from Iran Conflict Push Airfare Higher Across Europe 
LG Innotek Stock Hits Record High on $68M Automotive Wi-Fi 7 Deal 
SpaceX Eyes $60B Cursor Deal to Boost AI Power Ahead of IPO 
China Food Delivery Stocks Dip as Regulators Crack Down on “Ghost Deliveries” 
Elon Musk Faces French Probe Over X and Grok Amid Rising U.S.-EU Tensions 
Amazon Expands AI Bet with Up to $25 Billion Investment in Anthropic 
Samsung Boosts DRAM Supply to Tesla as AI-Driven Memory Demand Surges 
Ethiopian Airlines Expands Fleet with New Boeing 787 Dreamliner Order to Boost Global Routes 
Indonesia and Toyota Explore $300M Bioethanol Investment to Boost Renewable Energy Goals 
How Technology Is Reshaping Modern Business: From Operations to Customer Experience 
JAPEX Shares Drop as Middle East Tensions Drive LNG Costs and Production Risks 
NVIDIA Acquisition Rumors Dismissed by Morgan Stanley as Strategically Flawed 
Tesla Q1 Earnings Preview: Robotaxi Delays and SpaceX Merger Speculation Grow 
Indian Refiners Use Yuan via ICICI Bank to Pay for Iranian Oil Under U.S. Sanctions Waiver 
TULSA, Okla., May 26, 2017 -- Midstates Petroleum Company, Inc. (NYSE:MPO) (“Midstates” or the “Company”) today announced that the Company has amended its Senior Secured Credit Agreement effective May 24, 2017.
The First Amendment to Senior Secured Credit Agreement, among other things:
- Removed the requirement to maintain a cash collateral account at the Administrative Agent in the amount of $40 million, increasing liquidity by $40 million;
- Removed certain negative covenants, such as the limitations on capital expenditures and the 20% of borrowing base minimum liquidity requirement;
- Moved the first scheduled borrowing base redetermination from April 2018 to October 2017;
- Amended the required mortgage threshold from 95% of the discounted present value of future net income utilizing a 9% discount rate attributable to proved reserves to 90%;
- Amended the threshold amount for which the Borrower is required to provide advance notice to the Administrative Agent of a sale or disposition of oil and gas properties which occurs during the period between two successive redeterminations of the borrowing base;
- Amended the required ratio of total net indebtedness to EBITDA that the Borrower would be required to maintain to (x) 2.25:1.00 for the fiscal quarters ending on December 31, 2016 and March 31, 2017 and (y) 4.00:1.00 with respect to any fiscal quarter thereafter; and provided for additional covenant flexibility.
Jake Brace, President and Chief Executive Officer commented, “We are very pleased with the amendment to our senior secured credit facility. This amendment offers Midstates additional liquidity and operational and financial flexibility to grow our premier Miss Lime position at the appropriate pace to maximize value for our shareholders.”
About Midstates Petroleum Company, Inc.
Midstates Petroleum Company, Inc. is an independent exploration and production company focused on the application of modern drilling and completion techniques in oil and liquids-rich basins in the onshore U.S. The Company’s operations are currently focused on oilfields in the Mississippian Lime play in Oklahoma and the Anadarko Basin in Texas and Oklahoma.
Contact: Midstates Petroleum Company, Inc. Jason McGlynn, Investor Relations, (918) 947-4614 [email protected]
