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RANGER OIL CORPORATION

(ROCC)
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PENN VIRGINIA CORP : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

08/24/2021 | 04:18pm EDT

Item 1.01. Entry into a Material Definitive Agreement.

On August 18, 2021, Penn Virginia Corporation (the "Company") entered into the Master Assignment, Agreement and Amendment No. 11 to Credit Agreement (the "RBL Amendment") among Penn Virginia Holdings, LLC, a subsidiary of the Company, as borrower (the "Borrower"), the Company, certain subsidiaries of the Company party thereto, certain lenders party thereto, Wells Fargo Bank, National Association, as administrative agent (the "First Lien Agent") and as an issuing lender, Citibank, N.A., as the issuer of certain letters of credit and such other persons identified as a "New Lender" on the signature pages thereto. The RBL Amendment, in addition to other changes described in the RBL Amendment, amends the Credit Agreement dated as of September 12, 2016 (as amended, supplemented or otherwise modified to date, the "Revolving Credit Agreement") to, on the date of the closing of the merger with Lonestar Resources US Inc. and satisfaction of other conditions set forth in the RBL Amendment (the "Amendment Effective Date"), (1) increase the borrowing base under the Revolving Credit Agreement to $600 million, with aggregate elected commitments of $400 million, (2) remove certain availability restrictions that were imposed under the terms of the Agreement and Amendment No. 9 to Credit Agreement, dated as of January 15, 2021, among the Borrower, the Company, the subsidiaries of the Company party thereto, the lenders party thereto and the First Lien Agent, (3) remove minimum hedging requirements, (4) remove the first lien leverage ratio covenant, (5) remove PV Energy Holdings, L.P. and PV Energy Holdings GP, LLC as guarantors, and (6) extend the maturity date to the date that is the four year anniversary of the Amendment Effective Date.

The foregoing description of the RBL Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the RBL Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

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 in Item 1.01 regarding the RBL Amendment is incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits.





  (d) Exhibits.




Exhibit
Number                                    Description

10.1           Master Assignment, Agreement and Amendment No. 11 to Credit
             Agreement, entered into and dated as of August 18, 2021, among Penn
             Virginia Holdings, LLC, as borrower, Penn Virginia Corporation, as
             holdings, certain subsidiaries of holdings party thereto, certain
             lenders party thereto, Wells Fargo Bank, National Association, as
             administrative agent for the lenders and as an issuing lender,
             Citibank, N.A., as the issuer of certain letters of credit and such
             other persons identified as a "New Lender" on the signature pages
             thereto.

104          The cover page from Penn Virginia Corporation's Current Report on Form
             8-K, formatted in Inline XBRL (included as Exhibit 101).

--------------------------------------------------------------------------------

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