SEC Filing Summary: Midstates Petroleum Company, Inc.
Business Context and Reporting Period
This Form 8-K Current Report was filed by Midstates Petroleum Company, Inc. (Midstates) on August 10, 2015, covering events occurring on August 5, 2015. The filing details a material amendment to the company's existing credit facilities.
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, total debt, or liquidity ratios. The report focuses exclusively on a covenant modification regarding lease limitations.
Material Changes
- Credit Agreement Amendment: Midstates and its wholly owned subsidiary, Midstates Petroleum Company LLC, entered into an Eighth Amendment to their Second Amended and Restated Credit Agreement (originally dated June 8, 2012).
- Lease Limitation Increase: The amendment increases the maximum allowable amount for certain leases and lease agreements entered into during any twelve consecutive calendar months from $2,000,000 to $3,500,000.
- Lenders: SunTrust Bank, N.A. serves as the administrative agent for the credit agreement.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, or outlook for future periods. No specific risks or contingencies are discussed beyond the standard incorporation of the amendment text by reference. There are no unusual items reported in this filing.
Investor Verification Checklist
- Verify the full text of the Eighth Amendment (Exhibit 10.1) to confirm any other covenants or conditions not summarized in the report.
- Review the company's most recent 10-Q or 10-K to assess current total debt levels and liquidity status, as this 8-K does not provide those figures.
- Confirm the impact of the increased lease limit on the company's operational expansion plans or capital expenditure budget.