Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Borrowings Borrowings

The Company’s borrowings consisted of the following:
As of
Principal components:
June 30, 2019
December 31, 2018
Senior secured revolving credit facility


6.125% senior unsecured notes due 2024


6.375% senior unsecured notes due 2026


Total principal outstanding


Premium on 6.125% senior unsecured notes due 2024, net of accumulated amortization


Unamortized deferred financing costs
Total carrying value of borrowings (a)


Excludes unamortized deferred financing costs related to the Company’s senior secured revolving credit facility of $5,427 and $6,087 as of June 30, 2019 and December 31, 2018, respectively.

Senior secured revolving credit facility (the “Credit Facility”)

On May 25, 2017, the Company entered into the Sixth Amended and Restated Credit Agreement to the Credit Facility. JPMorgan Chase Bank, N.A. is Administrative Agent, and participants include 17 institutional lenders. The total notional amount available under the Credit Facility is $2,000,000. Amounts borrowed under the Credit Facility may not exceed the borrowing base, which is generally reviewed on a semi-annual basis. The Credit Facility is secured by first preferred mortgages covering the Company’s major producing properties. The maturity date of the Credit Facility is May 25, 2023.

Effective May 1, 2019, the Company entered into the third amendment (the “Third Amendment”) to the Sixth Amended and Restated Credit Agreement to the Credit Facility to, among other things: (i) reaffirm the borrowing base at $1,100,000, excluding the Ranger assets sold; and (ii) amend various covenants and terms to reflect current market trends. As of June 30, 2019, the Credit Facility’s borrowing base remained at $1,100,000 with an elected commitment amount of $850,000.

As of June 30, 2019, there was $105,000 principal and $17,675 in letters of credit outstanding under the Credit Facility. For the period ended June 30, 2019, the Credit Facility had a weighted-average interest rate of 3.65%, calculated as the LIBOR plus a tiered rate ranging from 1.25% to 2.25%, which is determined based on utilization of the facility. In addition, the Credit Facility carries a current commitment fee of 0.375% per annum, payable quarterly, on the unused portion of the borrowing base.

Restrictive covenants

The Company’s Credit Facility and the indentures governing its senior notes contain various covenants including restrictions on additional indebtedness, payment of cash dividends and maintenance of certain financial ratios. The Company was in compliance with these covenants at June 30, 2019.