Loan & DebtMay 8, 2026, 04:38 PM
PEDEVCO Amends Credit Agreement, Revises EBITDAX & Borrowing Base
AI Summary
PEDEVCO Corp. executed a Second Amendment to its Amended and Restated Credit Agreement on May 5, 2026, with Citibank, N.A. and other lenders. This amendment modifies several key definitions and schedules within the credit agreement. Significant changes include updating the EBITDAX definition to adjust transaction cost add-backs and incorporate estimated EBITDAX from a prior acquisition, revising the "Test Period" for EBITDAX annualization, and adjusting the borrowing base redetermination and reserve report delivery schedules.
Key Highlights
- PEDEVCO Corp. entered into a Second Amendment to its Credit Agreement on May 5, 2026.
- The cap on permitted transaction cost add-backs to EBITDAX was updated to the greater of $6,000,000 or 5% of the current $120 million borrowing base.
- EBITDAX definition now includes an estimated EBITDAX for October 2025 from the Juniper Capital acquisition for specific test periods.
- The definition of "Test Period" was amended to allow for annualization of EBITDAX, building to a full trailing twelve-month calculation by September 30, 2026.
- The borrowing base redetermination schedule was revised, with the next scheduled redetermination on or about July 1, 2026.
- Semi-annual borrowing base redeterminations will occur thereafter on or about April 1 and October 1 each year.
- The reserve report delivery schedule was updated, with the next report due on or about June 1, 2026.
- Subsequent reserve reports will be due on or about March 1 and September 1 of each year.
Price Impact
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