Coterra Energy Enters Material Definitive Agreement
Ticker: CTRA · Form: 8-K · Filed: Dec 16, 2024 · CIK: 858470
| Field | Detail |
|---|---|
| Company | Coterra Energy INC. (CTRA) |
| Form Type | 8-K |
| Filed Date | Dec 16, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.10, $1.0 b, $500 million, $75 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation
Related Tickers: CTRA
TL;DR
CTRA just signed a big deal, new financial obligation incoming.
AI Summary
On December 10, 2024, Coterra Energy Inc. entered into a material definitive agreement related to a direct financial obligation. The filing details the creation of this obligation under an off-balance sheet arrangement.
Why It Matters
This filing indicates a new financial commitment or obligation for Coterra Energy, which could impact its financial structure and future operations.
Risk Assessment
Risk Level: medium — Entering into new material definitive agreements and financial obligations can introduce new risks related to the terms, performance, and market conditions associated with the agreement.
Key Players & Entities
- Coterra Energy Inc. (company) — Registrant
- December 10, 2024 (date) — Date of earliest event reported
FAQ
What type of material definitive agreement did Coterra Energy enter into?
The filing states that Coterra Energy Inc. entered into a material definitive agreement, and it also pertains to the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on December 10, 2024.
What is Coterra Energy Inc.'s principal executive office address?
Coterra Energy Inc.'s principal executive offices are located at Three Memorial City Plaza, 840 Gessner Road, Suite 1400, Houston, Texas 77024.
What is Coterra Energy Inc.'s IRS Employer Identification Number?
Coterra Energy Inc.'s IRS Employer Identification Number is 04-3072771.
Under which section of the Securities Exchange Act of 1934 is this Current Report filed?
This Current Report is filed Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Filing Stats: 1,213 words · 5 min read · ~4 pages · Grade level 12.4 · Accepted 2024-12-16 06:02:31
Key Financial Figures
- $0.10 — ch registered Common Stock, par value $0.10 per share CTRA New York Stock Exchang
- $1.0 b — mitments under the Credit Agreement are $1.0 billion, consisting of a $500 million Tra
- $500 million — ement are $1.0 billion, consisting of a $500 million Tranche A term loan (the "Tranche A Ter
- $75 million — ity) in a principal amount in excess of $75 million outstanding that has a financial mainte
Filing Documents
- tm2430815d1_8k.htm (8-K) — 31KB
- tm2430815d1_ex10-1.htm (EX-10.1) — 822KB
- 0001104659-24-128602.txt ( ) — 1188KB
- ctra-20241210.xsd (EX-101.SCH) — 3KB
- ctra-20241210_lab.xml (EX-101.LAB) — 33KB
- ctra-20241210_pre.xml (EX-101.PRE) — 22KB
- tm2430815d1_8k_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On December 10, 2024, Coterra Energy Inc. (the "Company") entered into a term loan credit agreement (the "Credit Agreement") with Toronto Dominion (Texas) LLC, as administrative agent (the "Administrative Agent"), and certain lenders and issuing banks party thereto. The aggregate term loan commitments under the Credit Agreement are $1.0 billion, consisting of a $500 million Tranche A term loan (the "Tranche A Term Loan") and a $500 million Tranche B term loan (the "Tranche B Term Loan"). The proceeds of the Tranche A Term Loan will be used to pay a portion of the cash consideration for the transactions contemplated under and pursuant to that certain Membership Interest Purchase Agreement, dated as of November 12, 2024 (the "Franklin Mountain Acquisition Agreement"), by and among Franklin Mountain Energy Holdings, LP, Franklin Mountain Energy Holdings 2, LP, Franklin Mountain GP2, LLC, as sellers, and the Company and Cimarex Energy Co., as purchasers (collectively, the "Franklin Mountain Acquisition"). The proceeds of the Tranche B Term Loan will be used to pay a portion of the cash consideration for transactions contemplated under and pursuant to that certain Purchase and Sale Agreement, dated as of November 12, 2024 (the "Avant Acquisition Agreement"), by and among Avant Natural Resources, LLC, Avant Operating, LLC, Guard Income Fund, LP, Double Cabin Minerals, LLC, Legion Water Services, LLC and Legion Production Partners, LLC, as sellers, and Cimarex Energy Co., as buyer (collectively, the "Avant Acquisition"). The funding of the Tranche A Term Loan will not occur until the date of consummation of the Franklin Mountain Acquisition in accordance with the terms of the Franklin Mountain Acquisition Agreement (the "Tranche A Funding Date"), and the funding of the Tranche B Term Loan will not occur until the date of consummation of the Avant Acquisition in accordance with the terms of the Avant Acquisition Agreem
03 Creation
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information provided in
01 above is incorporated herein by reference
Item 1.01 above is incorporated herein by reference.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits 10.1 Credit Agreement, dated as of December 10, 2024, Toronto Dominion (Texas) LLC, as Administrative Agent, and the Lenders and Issuing Banks party thereto. 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). - 3 - SIGNATURE 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. COTERRA ENERGY INC. By: /s/ Adam M. Vela Adam M. Vela Senior Vice President and General Counsel Date: December 16, 2024 - 4 -