Current Report Filing (8-k)
April 13 2017 - 6:06AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of
earliest event reported): April 12, 2017
Concho Resources Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware
(State or
Other Jurisdiction of Incorporation)
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001-33615
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76-0818600
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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One Concho
Center
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600 West Illinois
Avenue
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Midland, Texas
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79701
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(Address of Principal
Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including area code:
(432)
683-7443
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
☐
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))
Item
1.01 Entry into a Material Definitive Agreement.
On April 12, 2017, Concho Resources Inc. (the “
Company
”)
entered into the Second Amendment to its Second Amended and Restated Credit
Agreement (the “
Second Amendment
”) dated as of May 9, 2014, with
the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative
agent (the “
Second Amended and Restated Credit Agreement
”).
The Second Amendment increases the Company’s current
borrowing base under the Second Amended and Restated Credit Agreement from $2.8
billion to $3.0 billion. In addition, the Second Amendment (i) extends
the maturity date of the Company’s credit facility from May 9, 2019 to May 9,
2022 and (ii) decreases the aggregate amount of lender commitments from $2.5
billion to $2.0 billion. The Second Amendment also amends the corporate ratings
floor sufficient to terminate an “Investment Grade Period” under the Second
Amended and Restated Credit Agreement (i) from “Ba1” to “Ba2” for Moody’s
Investors Service, Inc. and (ii) from “BB+” to “BB” for S&P Global Ratings.
The foregoing description of the Second Amendment is a
summary only and is qualified in its entirety by reference to the complete text
of the Second Amendment, a copy of which will be filed as an exhibit to our
Quarterly Report on Form 10-Q for the quarter ended June 30, 2017.
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 above is
incorporated by reference.
Signatures
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
CONCHO
RESOURCES INC.
Date:
April 12, 2017
By:
/s/ Travis L. Counts
Name: Travis
L. Counts
Title: Vice
President and General Counsel
Concho Resources (NYSE:CXO)
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