AI English summary of an SEC filing — figures as filed
Occidental said it entered into a Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent on February 2, 2024. The agreement amends and restates the existing credit agreement dated June 3, 2019.
Key points
AI summaryOccidental said it entered into a Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent on February 2, 2024. The agreement amends and restates the existing credit agreement dated June 3, 2019.
The company said the agreement extends the maturity of the existing Revolving Credit Facility from June 30, 2025 to June 30, 2028. Loans remain senior unsecured obligations.
The company said loans priced at the Adjusted Term SOFR Rate carry a margin of 100.0 to 190.0 basis points per annum, and loans priced at the Alternate Base Rate carry a margin of 0.0 to 90.0 basis points per annum. The facility fee is 12.5 to 35.0 basis points per annum. All of these fluctuate based on credit ratings.
The company said it must maintain, as of the last day of each fiscal quarter, a ratio of Total Debt to Total Capitalization of no more than 0.65 to 1.00. The margins and facility fee may be adjusted for certain periods based on performance against sustainability targets.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Third Amended and Restated Credit Agreement Entered
Occidental said it entered into a Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent on February 2, 2024. The agreement amends and restates the existing credit agreement dated June 3, 2019.
Source · Based on the filing body and exhibits
Maturity of Existing Revolving Credit Facility Extended
The company said the agreement extends the maturity of the existing Revolving Credit Facility from June 30, 2025 to June 30, 2028. Loans remain senior unsecured obligations.
Source · Based on the filing body and exhibits
Interest Rate Margins and Facility Fee Structure
The company said loans priced at the Adjusted Term SOFR Rate carry a margin of 100.0 to 190.0 basis points per annum, and loans priced at the Alternate Base Rate carry a margin of 0.0 to 90.0 basis points per annum. The facility fee is 12.5 to 35.0 basis points per annum. All of these fluctuate based on credit ratings.
Source · Based on the filing body and exhibits
Financial Covenants and Sustainability-Linked Adjustments
The company said it must maintain, as of the last day of each fiscal quarter, a ratio of Total Debt to Total Capitalization of no more than 0.65 to 1.00. The margins and facility fee may be adjusted for certain periods based on performance against sustainability targets.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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