Item 1.01. Entry into a Material Definitive Agreement.
On April 18, 2017 (the
Effective Date
), Sanchez Energy Corporation (the
Company
), each of SN Palmetto, LLC (f/k/a SEP Holdings III, LLC) (
SN Palmetto
), SN Marquis LLC (
SN Marquis
), SN Cotulla Assets, LLC (
SN Cotulla
), SN Operating, LLC (
SN Operating
), SN TMS, LLC (
SN TMS
), SN Catarina, LLC (
SN Catarina
), SN EF Maverick, LLC (
SN Maverick
) and Rockin L Ranch Company, LLC (
RLRC
and together with SN Palmetto, SN Marquis, SN Cotulla, SN Operating, SN TMS, SN Catarina and SN Maverick, collectively, the
Guarantors
and the Guarantors and the Company, collectively, the
Loan Parties
), Royal Bank of Canada, as administrative agent (the
Administrative Agent
), and the lenders party thereto entered into an eighth amendment (the
Amendment
) to the Second Amended and Restated Credit Agreement, dated as of June 30, 2014, by and among the Company, the Guarantors, the Administrative Agent and the lenders party thereto (as amended, the
Credit Agreement
).
The Amendment, among other things, amended the Credit Agreement and its exhibits and schedules to (a) reflect the formation of additional restricted subsidiaries and unrestricted subsidiaries, (b) change certain covenant baskets, decrease or eliminate certain other baskets primarily related to repurchases of securities, and revise the limitations on swap agreements, (c) update certain schedules to the Credit Agreement, and (d) provide for other technical amendments, clarifications and corrections.
From time to time, the agents, arrangers, book runners and lenders under the Credit Agreement and their affiliates have provided, and may provide in the future, investment banking, commercial lending, hedging and financial advisory services to the Company and its affiliates in the ordinary course of business, for which they have received, or may in the future receive, customary fees and commissions for these transactions.
This summary of the Amendment does not purport to be complete, and is qualified in its entirety by reference to the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 1.01 by reference.