BATTALION OIL CORP
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
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ITEM 5. Other Information
On November 12, 2025, the Company entered into the Second Amendment to the Second Amended and Restated Senior Secured Credit Agreement (the “Second Amendment”), effective November 12, 2025, which amended the Applicable Margin (as defined in the 2024 Amended Term Loan Agreement) to be the rate per annum set forth below under the caption “SOFR Loans Spread” or “ABR Loans Spread”, as the case may be, based on the Total Net Leverage Ratio; provided, that (a) until the Adjustment Date (the date of delivery of financial statements pursuant to the 2024 Amended Term Loan Agreement) following the Second Amendment effective date, the Applicable Margin shall be the applicable rate per annum set forth below in Category 1 and (b) the Applicable Margin shall be the applicable rate per annum set forth in Category 4 below at any time that an Event of Default (as defined in the 2024 Amended Term Loan Agreement) exists:
| | | |
|---|---|---|
| Total Net Leverage Ratio | SOFR Loans Spread | ABR Loans Spread |
| Category 1≤ 2.50 to 1.00 | 7.75% | 6.75% |
| Category 2> 2.50 to 1.00 ≤ 3.00 to 1.00 | 8.00% | 7.00% |
| Category 3> 3.00 to 1.00 ≤ 3.25 to 1.00 | 8.25% | 7.25% |
| Category 4 > 3.25 to 1.00 | 8.50% | 7.50% |
The Applicable Margin shall be adjusted quarterly on a prospective basis on each Adjustment Date based upon the
Total Net Leverage Ratio in accordance with the table above.
The Second Amendment provides that the Borrower shall not permit the Total Net Leverage Ratio, as of the last day of each fiscal quarter (commencing with the fiscal quarter ending March 31, 2025), to be greater than the levels set forth in the following table for the applicable fiscal quarter:
| | |
|---|---|
| Fiscal Quarter | Total Net Leverage Ratio |
| Fiscal quarters ending March 31, 2025 through and including June 30, 2025 | 2.75 to 1.00 |
| Fiscal quarter ending September 30, 2025 | 2.50 to 1.00 |
| Fiscal quarter ending December 31, 2025 | 3.20 to 1.00 |
| Fiscal quarter ending March 31, 2026 | 3.25 to 1.00 |
| Fiscal quarter ending June 30, 2026 | 3.40 to 1.00 |
| Fiscal quarter ending September 30, 2026 | 3.50 to 1.00 |
| Fiscal quarter ending December 31, 2026 | 3.40 to 1.00 |
| Fiscal quarter ending March 31, 2027 | 3.25 to 1.00 |
| Fiscal quarter ending June 30, 2027 | 3.00 to 1.00 |
| Fiscal quarter ending September 30, 2027 and each fiscal quarter thereafter | 2.50 to 1.00 |
Additionally, the Second Amendment provides that the Borrower shall not permit the Asset Coverage Ratio, as of the last day of any fiscal quarter (commencing with the fiscal quarter ending March 31, 2025) to be less than the applicable level set forth in the following table for the applicable fiscal quarter:
| | |
|---|---|
| Fiscal Quarter | Asset Coverage Ratio |
| Fiscal quarters ending March 31, 2025 through and including December 31, 2026 | 1.85 to 1.00 |
| Each fiscal quarter thereafter | 2.00 to 1.00 |
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