Notice of Borrowing Base Reduction under Fourth Amended and Restated Credit Agreement among Laredo Petroleum, Inc., Bank Group, and Wells Fargo Bank, N.A.
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Summary
Wells Fargo Bank, N.A., as Administrative Agent, notifies Laredo Petroleum, Inc. and its bank group that, with the required consents, the borrowing base under their existing credit agreement has been reduced to $815 million as of May 2, 2016. This change also automatically reduces the total commitment amount among the banks to the same figure, in line with the agreement's terms. The notice formalizes this adjustment as required by the credit agreement.
EX-10.1 2 a1q1610-q101.htm EXHIBIT 10.1 Exhibit
EXHIBIT 10.1
Date: | May 2, 2016 |
To: | Laredo Petroleum, Inc. Bank Group |
From: | Wells Fargo Bank, N.A., as Administrative Agent |
Re: | Spring 2016 Periodic Determination of the Borrowing Base in connection with the Fourth Amended and Restated Credit Agreement among Laredo Petroleum, Inc., the Banks party thereto and Wells Fargo Bank, N.A., as administrative agent (the “Credit Agreement”); Capitalized terms not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. |
This memorandum is to inform you that the Super Majority Bank consents have been received and, as a result thereof, the Borrowing Base has been reduced to $815,000,000 as of today, May 2, 2016. Pursuant to Section 2.16(h) of the Credit Agreement, the Aggregate Elected Commitment Amount has been automatically reduced (ratably among the Banks in accordance with each Bank’s Commitment Percentage) to $815,000,000 as of today, May 2, 2016.
