Item 1.01 Entry into a Material Definitive Agreement.
On October 8, 2020, Centennial Resource Development, Inc. (the "Company") and
Centennial Resource Production, LLC ("CRP"), a wholly owned subsidiary of the
Company, entered into a Fourth Amendment (the "Amendment") to its Second Amended
and Restated Credit Agreement (the "Credit Agreement"), among CRP, as borrower,
the Company, as parent guarantor, the other guarantors party thereto, JPMorgan
Chase Bank, N.A., as administrative agent and the lenders party thereto. Through
the Amendment, the lenders reaffirmed the Company's $700.0 million borrowing
base in connection with the scheduled semi-annual borrowing base redetermination
The foregoing description of the Amendment is a summary only and is qualified in
its entirety by reference to the complete text of the Amendment, a copy of which
is attached as Exhibit 10.1 to this Current Report on Form 8-K and is
incorporated by reference herein.
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. Entry into a Material Definitive
Agreement" is incorporated by reference herein.
Item 7.01. Regulation FD Disclosure.
On October 13, 2020, the Company issued a press release announcing the
reaffirmation of the borrowing base for the Credit Agreement and the Company's
pro forma liquidity position as of September 30, 2020. A copy of the press
release is included as Exhibit 99.1 hereto and incorporated herein by reference.
The information furnished pursuant to this Item 7.01 shall not be deemed to be
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, and will not be incorporated by reference into any filing under the
Securities Act, unless specifically identified therein as being incorporated
therein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description
10.1 Fourth Amendment to Second Amended and Restated Credit Agreement,
dated as of October 8, 2020, among Centennial Resource Production,
LLC, as borrower, Centennial Resource Development, Inc., as parent
guarantor, the other guarantors party thereto, JPMorgan Chase Bank,
N.A., as administrative agent and the lenders party thereto.
99.1 Press Release dated October 13, 2020 of Centennial Resource
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