HighPeak Energy, Inc. Announces Amendments to its Term Loan Credit Agreement and Senior Credit Facility Agreement
FORT WORTH, Texas, Aug. 04, 2025 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. ("HighPeak" or the "Company") (NASDAQ:HPK) today announced amendments to its Term Loan Credit Agreement and Senior Credit Facility Agreement, both effective August 1, 2025.
Material Amendments to the Term Loan Credit Agreement and Senior Credit Facility Agreement
Extended the maturity dates for the Term Loan Credit Agreement and the Senior Credit Facility Agreement by two years to September 30, 2028.
Upsized the borrowings under the Company's Term Loan Credit Agreement to $1.2 billion, providing additional liquidity to the Company.
Amended certain covenants including deferring mandatory amortization payments of $30.0 million per quarter until September 30, 2026.
The Term Loan Credit Agreement call protection provision remains unchanged, expiring in September 2025, providing the Company with significant flexibility to pay down the Term Loan at par, in whole or in part, at any time.
The Company's total cost associated with amending and extending the Term Loan Credit Agreement and the Senior Credit Facility Agreement was appreciably less than other potential financing options.
Hedging Update
In conjunction with the aforementioned amendments, the Company entered into additional crude oil derivative contracts through March 31, 2027.
Crude oil. Including the additional crude oil derivative contracts referenced above, HighPeak has the following outstanding crude oil derivative instruments and the weighted average crude oil prices and premiums payable per barrel ("Bbl"):
Swaps
Collars, Enhanced Collars & Deferred Premium Puts
SettlementMonth
Settlement Year
Type ofContract
Bbls Per Day
Index
Price per Bbl
Floor or Strike Price per Bbl
Ceiling Price per Bbl
Deferred Premium Payableper Bbl
Crude Oil:
Jul, Sep
2025
Swap
3,000
WTI Cushing
$
75.85
$
—
$
—
$
—
Jul, Sep
2025
Collar
7,000
WTI Cushing
$
—
$
65.00
$
90.08
$
2.28
Jul, Sep
2025
Put
9,000
WTI Cushing
$
—
$
65.78
$
—
$
5.00
Oct, Dec
2025
Swap
1,800
WTI Cushing
$
63.77
$
—
$
—
$
—
Oct, Dec
2025
Collar
15,850
WTI Cushing