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MIDSTATES PETROLEUM ANNOUNCES SECOND AMENDMENT TO SENIOR SECURED CREDIT AGREEMENT

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Midstates Petroleum Company, Inc. (Midstates or the Company) (NYSE: MPO) today announced that the Company has amended its Senior Secured Credit Agreement effective November 16, 2018. 
This amendment improves the Companys financial flexibility by removing certain restrictions for cash payments pertaining to share repurchases and dividends. The amendment imposes a minimum liquidity requirement of $50 million and states that the Companys total net indebtedness to EBITDA ratio for the most recent four fiscal quarters must not exceed 1.50:1.00 in order to make cash distributions to shareholders or to effectuate any share repurchases. David Sambrooks, President and Chief Executive Officer commented, As we communicated in our third quarter release, given Midstates strong financial position and forecasted significant free cash flow generation, we have been evaluating ways to return capital to shareholders through a possible share tender, share repurchase program or cash dividends. To this end, we are very pleased with this amendment to our senior secured credit facility as it is a necessary first step to allow Midstates additional flexibility to return capital to shareholders. Our Management team and our recently modified Board are currently evaluating various options to create value for our shareholders and are energized about Midstates future. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All …
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Source: US SEC
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EX-991_of_8-K_for_Midstates_Petroleum_Company_Inc__8-K-11-21-2018