Common Contracts
1 similar Credit Facility contracts
Credit FacilityCredit Facility • April 3rd, 2012
During the third quarter of 2011, QEP entered into a new revolving credit facility, which matures in August 2016 and replaced the previous $1.0 billion credit facility. The terms of the new credit facility provide for loan commitments of $1.5 billion from a syndicate of financial institutions. The new credit facility provides for borrowings at short-term interest rates and contains customary covenants and restrictions. The agreement also contains the provisions which would allow for the amount of the facility to be increased to $2.0 billion and for the maturity to be extended for two additional one-year periods. QEP increased its borrowings under its credit facility from $400.0 million as of December 31, 2010, to $606.5 million as of December 31, 2011. QEP’s weighted-average interest rate on borrowings from its credit facilities was 3.05%. Proceeds from borrowings under the credit facility were used to refinance outstanding amounts under the Company’s previous credit facility and will
