Long-Term Debt

6 Months Ended

Jun. 30, 2022

Long-Term DebtThe Company’s long-term debt consists of the following:


	June 30, 2022		December 31, 2021

	(In thousands)
Senior secured revolving line of credit	$	—	$	—
Senior unsecured notes	400,000		400,000
Less: unamortized deferred financing costs	(6,646)		(7,476)
Total long-term debt, net	$	393,354	$	392,524

Senior secured revolving line of credit. The Company has a senior secured revolving credit facility (the “Credit Facility”) among Chord, as parent, Oasis Petroleum North America LLC, a wholly-owned subsidiary of the Company, as borrower, and Wells Fargo Bank, N.A. (“Wells Fargo”), as administrative agent and the lenders party thereto.

At June 30, 2022, the Company had no borrowings outstanding and $2.4 million of outstanding letters of credit under the Credit Facility. During the three and six months ended June 30, 2022, no amounts were drawn on the Credit Facility. For the three and six months ended June 30, 2021, the weighted average interest rate incurred on borrowings under the Credit Facility was 3.4% and 4.2%, respectively. The fair value of the Credit Facility approximates its carrying value since borrowings under the Credit Facility bear interest at variable rates, which are tied to current market rates.

On July 1, 2022, the Company entered into an amended and restated credit agreement relating to the Credit Facility to, among other things, (i) increase the aggregate maximum credit amount to $3.0 billion, (ii) increase the borrowing base to $2.0 billion, (iii) increase the aggregate amount of elected commitments to $800.0 million, (iv) extend the maturity date to July 1, 2027, (v) reduce the margin on outstanding borrowings by 125 basis points and (vi) increase the consolidated total leverage ratio financial covenant to 3.50x. Borrowings are subject to varying rates of interest based on (i) the total outstanding borrowings (including the value of all outstanding letters of credit) in relation to the borrowing base and (ii) whether the loan is a Term SOFR Loan or an ABR Loan (each as defined in the amended and restated credit agreement). The Company incurs interest on outstanding Term SOFR Loans or ABR Loans at their respective interest rate plus the margin shown in the table below plus a 0.1% credit spread adjustment applicable to Term SOFR Loans. In addition, the unused borrowing base is subject to a commitment fee as shown in the table below.


Total Commitment Utilization Percentage	ABR Loans		SOFR Loans		Commitment Fee
Less than 25%	0.75	%	1.75	%	0.375	%
Greater than or equal to 25% but less than 50%	1.00	%	2.00	%	0.375	%
Greater than or equal to 50% but less than 75%	1.25	%	2.25	%	0.500	%
Greater than or equal to 75% but less than 90%	1.50	%	2.50	%	0.500	%
Greater than or equal to 90%	1.75	%	2.75	%	0.500	%

Senior unsecured notes. At June 30, 2022, the Company had $400.0 million of 6.375% senior unsecured notes outstanding due June 1, 2026 (the “Senior Notes”). Interest on the Senior Notes is payable semi-annually on June 1 and December 1 of each year. The fair value of the Senior Notes, which are publicly traded among qualified institutional investors and represent a Level 1 fair value measurement, was $370.0 million at June 30, 2022.

Whiting credit facility. Pursuant to the terms of the Merger Agreement, the Company agreed to pay all principal, interest and other fees owed under the Whiting credit facility to satisfy and discharge in full all such outstanding indebtedness. As of June 30, 2022, there were no outstanding borrowings under the Whiting credit facility. On July 1, 2022, the Company paid accrued interest and other fees of approximately $2.2 million to fully satisfy all such obligations under the Whiting credit facility.