Current Report Filing (8-k)
30 October 2020 - 7:12AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event
reported): October 26, 2020
Gulfport Energy Corporation
(Exact name of registrant specified in
its charter)
Delaware
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000-19514
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73-1521290
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(State or Other Jurisdiction
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(Commission
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(I.R.S. Employer
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Of Incorporation)
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File Number)
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Identification No.)
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3001 Quail Springs Parkway
Oklahoma City, Oklahoma
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73134
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(Address of principal executive offices)
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(Zip Code)
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(405) 252-4600
(Registrant’s telephone number, including
area code)
NOT APPLICABLE
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(Former name or former address, if changed since last report.)
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Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading
Symbol(s)
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Name of each exchange
on which registered
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Common stock, par value $0.01 per share
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GPOR
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Nasdaq Global Select Market
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Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 – Entry into a Material Definitive Agreement
As
previously disclosed, Gulfport Energy Corporation (the “Company”) is party to that certain Amended and Restated Credit
Agreement, dated as of December 27, 2013, by and among the Company, as borrower, The Bank of Nova Scotia, as administrative agent,
sole lead arranger and sole bookrunner, Amegy Bank National Association, as syndication agent, KeyBank National Association, as
documentation agent, and the other lenders party thereto (as amended, supplemented or otherwise modified, the “Credit Agreement”).
On
October 26, 2020, the Company executed the Second Forbearance Agreement and Amendment to Amended and Restated Credit Agreement
(the “Second Forbearance Agreement”) , which extends that certain First Forbearance Agreement and Amendment to Amended
and Restated Credit Agreement, dated as of October 26, 2020 (the “First Forbearance Agreement”) among the Company,
the Guarantors named therein (together with the Company, the “Loan Parties”), the lenders party thereto, each swap
lender party thereto, each cash management party thereto and the Bank of Nova Scotia (individually, as lender, in its capacity
as the letters of credit issuer, and in its capacity as the administrative agent for the lenders, (in such capacity, the “Agent”)).
Such lender parties, swap lender parties, cash management parties and the Agent are referred to herein as the “Lender Parties.”
Pursuant to the Second Forbearance Agreement, the Lender Parties have agreed to (i) temporarily waive any default in connection
with the Specified Default prior to its occurrence without any further action, (ii) expand the definition of “Specified Default”
(as defined in the First Forbearance Agreement) to include the failure to make the interest payment that becomes due on November
1, 2020 with respect to the 6.625% senior unsecured notes due 2023 (the “2023 Notes”) while the Company continues ongoing
constructive discussions with its lenders and certain other stakeholders regarding a potential comprehensive financial restructuring
to strengthen the Company’s balance sheet and financial position; and (iii) extend their agreement to forbear from exercising
certain of their default-related rights and remedies against the Company and the other Loan Parties with respect to any default
in connection with the Specified Default, in each case, until the earlier of November 13, 2020 or another event that would trigger
the end of the forbearance period. In addition, pursuant to the Second Forbearance Agreement, the Credit Agreement was amended
to modify the anti-cash hoarding provisions contained therein.
A
copy of the Forbearance Agreement is attached hereto as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by
reference herein. The foregoing description of the Forbearance Agreement is only a summary, does not purport to be complete and
is qualified in its entirety by reference to the Forbearance Agreement.
Item 9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: October 29, 2020
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GULFPORT ENERGY CORPORATION
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By:
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/s/ Patrick K. Craine
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Name:
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Patrick K. Craine
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Title:
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General Counsel and Corporate Secretary
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2
false
0000874499
0000874499
2020-10-26
2020-10-26
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