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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Qep Resources Inc | NYSE:QEP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.08 | 0 | 01:00:00 |
Delaware
|
001-34778
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87-0287750
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
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Common stock, $0.01 par value
|
QEP
|
New York Stock Exchange
|
Indicate by checkmark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
|
☐
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
|
☐
|
Item 1.01
|
Entry into a Material Definitive Agreement.
|
•
|
change the leverage ratio covenant to permit a maximum ratio of net priority guaranteed debt to consolidated EBITDAX of 2.50 to 1.00 as of the last day of each fiscal quarter of the Company;
|
•
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a change of the present value debt ratio covenant to require a minimum present value to net priority guaranteed debt ratio of at least 1.50 to 1.00 at all times;
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•
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provide the ability to repurchase outstanding senior notes with up to $500 million of loan proceeds and certain other amounts;
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•
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provide the ability to issue subsidiary guarantees of up to $500 million of unsecured debt, with such guarantees being subordinated to the obligations under the Credit Agreement;
|
•
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reduce the aggregate commitments under the Credit Agreement from $1.25 billion to $850 million;
|
•
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require the Company’s material subsidiaries to guarantee the obligations under the Credit Agreement and certain swap obligations and bank product obligations;
|
•
|
revise the applicable rate for all borrowings under the Credit Agreement to be based on the utilization under the Credit Agreement rather than the Company’s leverage ratio, with Eurodollar rate loans bearing interest at the Eurodollar rate plus 250-350 basis points and a zero Eurodollar rate floor, and base rate loans bearing interest at the base rate plus 150-250 basis points; and
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•
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amend certain of the negative covenants and other provisions of the Credit Agreement, as more specifically set forth in the Amendment.
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Item 2.03
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Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
|
Item 7.01
|
Regulation FD Disclosure.
|
Item 9.01
|
Financial Statements and Exhibits
|
Exhibit No.
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Exhibit
|
|
|
10.1
|
|
99.1
|
|
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QEP Resources, Inc.
|
|
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(Registrant)
|
|
|
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June 4, 2020
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/s/ William J. Buese
|
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William J. Buese
|
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Vice President, Chief Financial Officer and Treasurer
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1 Year Qep Resources Chart |
1 Month Qep Resources Chart |
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