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Occidental Petroleum | 8-K: Entered into a Amended and Restated Credit Agreement

SEC announcement ·  Feb 5 16:38
Summary by Moomoo AI
On February 2, 2024, Occidental Petroleum Corporation entered into a Third Amended and Restated Credit Agreement, which is a revision of the previous agreement dated June 3, 2019. The new Revolving Credit Agreement extends the maturity of the existing facility from June 30, 2025, to June 30, 2028. The loans under this facility are senior unsecured obligations and will bear interest based on either the Adjusted Term SOFR Rate or the Alternate Base Rate, with margins varying according to Occidental's credit ratings by major agencies. Additionally, the agreement includes a facility fee that also fluctuates based on the company's ratings. The agreement introduces sustainability performance targets that could adjust the interest rate margin and facility fee rates. The covenants and events of default are substantially identical...Show More
On February 2, 2024, Occidental Petroleum Corporation entered into a Third Amended and Restated Credit Agreement, which is a revision of the previous agreement dated June 3, 2019. The new Revolving Credit Agreement extends the maturity of the existing facility from June 30, 2025, to June 30, 2028. The loans under this facility are senior unsecured obligations and will bear interest based on either the Adjusted Term SOFR Rate or the Alternate Base Rate, with margins varying according to Occidental's credit ratings by major agencies. Additionally, the agreement includes a facility fee that also fluctuates based on the company's ratings. The agreement introduces sustainability performance targets that could adjust the interest rate margin and facility fee rates. The covenants and events of default are substantially identical to the previous agreement, including a negative pledge and a debt to capitalization ratio covenant. The lenders involved have provided various banking services to Occidental in the past and may receive customary compensation in the future. The full details of the agreement are included in the exhibit to the Form 8-K filed with the SEC.

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