Long-Term Debt

9 Months Ended

Sep. 30, 2022

The Company’s long-term debt consists of the following:


	September 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	(6,218)		(7,476)
Total long-term debt, net	$	393,782	$	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.

On July 1, 2022, the Company entered into the Amended and Restated Credit Agreement 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	%

At September 30, 2022, the Company had no borrowings outstanding and $5.9 million of outstanding letters of credit under the Credit Facility, resulting in an unused borrowing capacity of $794.1 million. At December 31, 2021, the Company had no borrowings outstanding and $2.4 million of outstanding letters of credit under the Credit Facility, resulting in an unused borrowing capacity of $447.6 million. As of September 30, 2022, the Company was in compliance with the covenants under the Credit Facility.

For the three and nine months ended September 30, 2022, the weighted average interest rate incurred on borrowings under the Credit Facility was 4.57%. For the nine months ended September 30, 2021, the weighted average interest rate incurred on borrowings under the Credit Facility was 4.20%. 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 October 31, 2022, the Company completed its semi-annual borrowing base redetermination and entered into its Second Amendment to Amended and Restated Credit Agreement to increase the aggregate amount of elected commitments to $1.0 billion and increase the borrowing base to $2.75 billion.

Senior unsecured notes. At September 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 $380.0 million at September 30, 2022.

Whiting credit facility. Upon consummation of the Merger on July 1, 2022, the Whiting credit facility was terminated, and the Company paid the remaining outstanding accrued interest and other fees of approximately $2.2 million to fully satisfy all such outstanding obligations that were owed under the Whiting credit facility.