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): February 25, 2015

 

HALCÓN RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-35467

 

20-0700684

(State or other jurisdiction

of incorporation)

 

(Commission File Number)

 

(I.R.S. Employer

Identification No.)

 

1000 Louisiana, Suite 6700

Houston, Texas

 


77002

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (832) 538-0300

 

 

(Former name or former address, if changed since last report)

 

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):

 

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 1.01  Entry Into Material Definitive Agreement.

 

On February 25, 2015, Halcón Resources Corporation (the “Company”) entered into the Ninth Amendment (the “Amendment”) to Senior Revolving Credit Agreement by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders signatory thereto (the “Credit Facility”). The Amendment amends the Credit Facility to provide the Company additional flexibility under the interest coverage test by modifying the minimum Interest Coverage Ratio to be 2.0 to 1.0 for any fiscal quarter ending on or before March 31, 2016.

 

The foregoing description of the Amendment is qualified by reference to the full text of such agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

 

Item 9.01      Financial Statements and Exhibits.

 

(d)   Exhibits. The following exhibit is filed as part of this Current Report on Form 8-K:

 

Exhibit No.

 

Description

10.1

 

Ninth Amendment to Senior Revolving Credit Agreement, dated as of February 25, 2015, among Halcón Resources Corporation, as borrower, each of the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative agent for the lenders.

 

2



 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

HALCÓN RESOURCES CORPORATION

 

 

 

 

February 25, 2015

By:

/s/ Mark J. Mize

 

Name:

Mark J. Mize

 

Title:

Executive Vice President, Chief Financial Officer and Treasurer

 

3



 

EXHIBIT INDEX

 

Exhibit No.

 

Description

10.1

 

Ninth Amendment to Senior Revolving Credit Agreement, dated as of February 25, 2015, among Halcón Resources Corporation, as borrower, each of the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative agent for the lenders.

 

4




Exhibit 10.1

 

Execution Version

 

 

NINTH AMENDMENT

 

TO

 

SENIOR REVOLVING CREDIT AGREEMENT

 

DATED AS OF FEBRUARY 25, 2015

 

AMONG

 

HALCÓN RESOURCES CORPORATION,
AS BORROWER,

 

THE GUARANTORS,

 

JPMORGAN CHASE BANK, N.A.,
AS ADMINISTRATIVE AGENT,

 

AND

 

THE LENDERS PARTY HERETO

 

 

J. P. MORGAN SECURITIES LLC,

AS SOLE LEAD ARRANGER

 

J. P. MORGAN SECURITIES LLC AND WELLS FARGO SECURITIES, LLC,

AS JOINT BOOKRUNNERS

 



 

NINTH AMENDMENT
TO SENIOR REVOLVING CREDIT AGREEMENT

 

THIS NINTH AMENDMENT TO SENIOR REVOLVING CREDIT AGREEMENT (this “Ninth Amendment”) dated as of February 25, 2015 is among HALCÓN RESOURCES CORPORATION, a corporation duly formed and existing under the laws of the State of Delaware (the “Borrower”), each of the undersigned guarantors (the “Guarantors”, and together with the Borrower, the “Obligors”), each of the undersigned Lenders party to the Credit Agreement, and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”).

 

R E C I T A L S

 

A.            Reference is made to that certain Senior Revolving Credit Agreement dated as of February 8, 2012 (as amended, modified or otherwise supplemented prior to the date hereof, the “Credit Agreement”; as amended by this Ninth Amendment, and as may be further amended, modified or supplemented the “Amended Credit Agreement) among the Borrower, each of the Lenders party thereto and the Administrative Agent, pursuant to which the Lenders have made certain credit and other financial accommodations available to and on behalf of the Borrower and its Subsidiaries.

 

B.            The Borrower has requested and the Administrative Agent and Lenders constituting the Majority Lenders have agreed to amend certain provisions of the Credit Agreement.

 

C.            NOW, THEREFORE, to induce the Administrative Agent and each of the Lenders to enter into this Ninth Amendment and in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Section 1.              Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Amended Credit Agreement.  Unless otherwise indicated, all section references in this Ninth Amendment refer to sections of the Amended Credit Agreement.

 

Section 2.                      Amendments to Credit Agreement.

 

2.1          Interest Coverage Ratio.  Section 9.01(a) of the Credit Agreement is amended in its entirety to read as follows:

 

“(a)         Interest Coverage Ratio.  The Borrower will not, as of the last day of any fiscal quarter, permit its Interest Coverage Ratio to be to be less than (i) for any fiscal quarter ending on or before March 31, 2016, 2.0 to 1.0 and (ii) for any fiscal quarter thereafter, 2.5 to 1.0.”

 

Section 3.              Conditions Precedent.  This Ninth Amendment shall become effective on the date when each of the following conditions is satisfied (or waived in accordance with Section 12.02 of the Credit Agreement) (such date, the “Ninth Amendment Effective Date”):

 

1



 

3.1          Ninth Amendment.  The Administrative Agent shall have received a counterpart of this Ninth Amendment signed by the Borrower, the Guarantors, and Lenders constituting the Majority Lenders.

 

3.2          FeesThe Administrative Agent, the Arranger and the Lenders shall have received all fees and other amounts due and payable on or prior to the Ninth Amendment Effective Date, including, to the extent invoiced, reimbursement or payment in full of all out of pocket expenses required to be reimbursed or paid by the Borrower under the Amended Credit Agreement.

 

3.3          No Default; No Material Adverse Effect.  At the time of and immediately after giving effect to this Ninth Amendment, (a) no Default or Event of Default shall have occurred and be continuing and (b) no event or events shall have occurred which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

 

The Administrative Agent is hereby authorized and directed to declare this Ninth Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 or the waiver of such conditions as permitted in Section 12.02 of the Credit Agreement.  Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.

 

Section 4.              Miscellaneous.

 

4.1          Confirmation.  The provisions of the Amended Credit Agreement shall remain in full force and effect following the effectiveness of this Ninth Amendment.

 

4.2          Ratification and Affirmation; Representations and Warranties.  Each Obligor hereby (a) acknowledges the terms of this Ninth Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, and (c) represents and warrants to the Lenders that on and as of the date hereof, and immediately after giving effect to the terms of this Ninth Amendment: (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects (except those which have a materiality qualifier, which shall be true and correct as so qualified), except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct as of such specified earlier date; (ii) no Default or Event of Default has occurred and is continuing and (iii) no event or events have occurred which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

 

4.3          Loan Document.  This Ninth Amendment is a Loan Document.

 

4.4          Counterparts.  This Ninth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Ninth Amendment by facsimile or electronic transmission in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart hereof.

 

2



 

4.5          NO ORAL AGREEMENT.  THIS NINTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES.

 

4.6          GOVERNING LAW.  THIS NINTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

 

4.7          Severability.  Any provision of this Ninth Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

4.8          Successors and Assigns.  This Ninth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

[This page intentionally left blank.  Signature pages follow.]

 

3



 

IN WITNESS WHEREOF, the parties hereto have caused this Ninth Amendment to be duly executed as of the date first written above.

 

BORROWER:

HALCÓN RESOURCES CORPORATION

 

 

 

By:

/s/ Mark J. Mize

 

 

Name:

Mark J. Mize

 

 

Title:

Executive Vice President, Chief Financial Officer and Treasurer

 

 

GUARANTORS:

HALCÓN HOLDINGS, INC.

 

HALCÓN RESOURCES OPERATING, INC.

 

HALCÓN ENERGY PROPERTIES, INC.

 

HALCÓN ENERGY HOLDINGS, LLC

 

HALCÓN GULF STATES, LLC

 

HALCÓN OPERATING CO., INC.

 

HRC ENERGY RESOURCES (WV), INC.

 

HRC ENERGY LOUISIANA, LLC

 

HRC PRODUCTION COMPANY

 

HALCÓN FIELD SERVICES, LLC

 

HALCÓN LOUISIANA OPERATING, L.P.

 

HRC ENERGY, LLC

 

HRC OPERATING, LLC

 

HK ENERGY, LLC

 

HK ENERGY OPERATING, LLC

 

HK LOUISIANA OPERATING, LLC

 

HK OIL & GAS, LLC

 

HALCÓN WILLISTON I, LLC

 

HALCÓN WILLISTON II, LLC
HK RESOURCES, LLC
THE 7711 CORPORATION

 

 

 

 

 

By:

/s/ Mark J. Mize

 

 

Name:

Mark J. Mize

 

 

Title:

Executive Vice President, Chief Financial Officer and Treasurer, for and on behalf of each of the foregoing Guarantors

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

ADMINISTRATIVE AGENT
AND LENDER:

JPMORGAN CHASE BANK, N.A.,
as Administrative Agent and Lender

 

 

 

By:

/s/ Michael A. Kamauf

 

 

Name:

Michael A. Kamauf

 

 

Title:

Authorized Officer

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

WELLS FARGO BANK, N.A.,
as Lender

 

 

 

By:

/s/ Todd C. Fogle

 

 

Name:

Todd C. Fogle

 

 

Title:

Vice President

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

BMO HARRIS FINANCING, INC.,
as Lender

 

 

 

By:

/s/ James V. Ducote

 

 

Name:

James V. Ducote

 

 

Title:

Managing Director

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

BARCLAYS BANK PLC,
as Lender

 

 

 

By:

/s/ Luke Syme

 

 

Name:

Luke Syme

 

 

Title:

Assistant Vice President

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

SUNTRUST BANK,
as Lender

 

 

 

By:

/s/ Shannon Juhan

 

 

Name:

Shannon Juhan

 

 

Title:

Vice President

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

CAPITAL ONE, NATIONAL ASSOCIATION,
as Lender

 

 

 

By:

/s/ Victor Ponce De Leon

 

 

Name:

Victor Ponce De Leon

 

 

Title:

Senior Vice President

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

GOLDMAN SACHS BANK USA,
as Lender

 

 

 

By:

/s/ Michelle Latzoni

 

 

Name:

Michelle Latzoni

 

 

Title:

Authorized Signatory

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

ROYAL BANK OF CANADA,
as Lender

 

 

 

By:

/s/ Jay Sartain

 

 

Name:

Jay Sartain

 

 

Title:

Authorized Signatory

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

BANK OF AMERICA, N.A.,
as Lender

 

 

 

By:

/s/ Jordan Forester

 

 

Name:

Jordan Forester

 

 

Title:

Assistant Vice President

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

THE ROYAL BANK OF SCOTLAND PLC,
as Lender

 

 

 

By:

/s/ James L. Moyes

 

 

Name:

James L. Moyes

 

 

Title:

Managing Director

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
as Lender

 

 

 

By:

/s/ Michael Spaight

 

 

Name:

Michael Spaight

 

 

Title:

Authorized Signatory

 

 

 

 

By:

/s/ Karim Rahimtoola

 

 

Name:

Karim Rahimtoola

 

 

Title:

Authorized Signatory

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
as Lender

 

 

 

By:

/s/ Mark A. Roche

 

 

Name:

Mark A. Roche

 

 

Title:

Managing Director

 

 

 

 

By:

/s/ Michael Willis

 

 

Name:

Michael Willis

 

 

Title:

Managing Director

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

NATIXIS,

 

as Lender

 

 

 

By:

/s/ Justin Bellamy

 

 

Name:

Justin Bellamy

 

 

Title:

Director

 

 

 

By:

/s/ Stuart Murray

 

 

Name:

Stuart Murray

 

 

Title:

Managing Director

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

ING CAPITAL LLC,

 

as Lender

 

 

 

By:

/s/ Charles Hall

 

 

Name:

Charles Hall

 

 

Title:

Managing Director

 

 

 

By:

/s/ Josh Strong

 

 

Name:

Josh Strong

 

 

Title:

Director

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

COMERICA BANK,

 

as Lender

 

 

 

By:

/s/ William Robinson

 

 

Name:

William Robinson

 

 

Title:

Vice President

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

DEUTSCHE BANK AG NEW YORK BRANCH,

 

as Lender

 

 

 

By:

/s/ Michael Winters

 

 

Name:

Michael Winters

 

 

Title:

Vice President

 

 

 

 

By:

/s/ Peter Cucchiara

 

 

Name:

Peter Cucchiara

 

 

Title:

Vice President

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

SUMITOMO MITSUI BANKING CORPORATION,

 

as Lender

 

 

 

By:

/s/ Shuji Yabe

 

 

Name:

Shuji Yabe

 

 

Title:

Managing Director

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

THE BANK OF NOVA SCOTIA,

 

as Lender

 

 

 

By:

/s/ Alan Dawson

 

 

Name:

Alan Dawson

 

 

Title:

Director

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

KEYBANK NATIONAL ASSOCIATION

 

as Lender

 

 

 

By:

/s/ George E. McKean

 

 

Name:

George E. McKean

 

 

Title:

Senior Vice President

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 



 

LENDER:

BNP PARIBAS

 

as Lender

 

 

 

By:

/s/ Sriram Chandrasekaran

 

 

Name:

Sriram Chandrasekaran

 

 

Title:

Director

 

 

 

 

 

By:

/s/ Julien Pecoud-Bouvet

 

 

Name:

Julien Pecoud-Bouvet

 

 

Title:

Vice President

 

SIGNATURE PAGE — NINTH AMENDMENT

HALCÓN RESOURCES CORPORATION

 


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