Laredo Petroleum reached a new credit agreement that increased the Tulsa company’s borrowing base from $1 billion to $1.25 billion.
The company filed a report this week with the Securities and Exchange Commission indicating it entered in to an Eighth Amendment to its restated credit agreement. Wells Fargo was the administrative agent.
The amended agreement also increased the company’s $50 million bond buyback and distributions baskets to $250 million.
The improved and strengthened borrowing ability came after a fourth quarter 2021 in which Laredo closed on a $203 million acquisition of 20,000 net acres in the Permian Basin and generated adjusted EBITDA of more than $182 million.
For the fourth quarter of 2021, the Company reported net income attributable to common stockholders of $216.3
million, or $12.84 per diluted share.
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