Company: EXEEZ
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0000895126-25-000098
Chunk: 26

Company: EXPAND ENERGY Corp
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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Premiums (discounts) on senior notes, net(6)— 4 — Debt issuance costs(9)— (10)— Total debt, net$5,010 $5,057 $5,680 $5,548 Less current maturities of long-term debt, net— — (389)(389)Total long-term debt, net$5,010 $5,057 $5,291 $5,159 ____________________________________________(a)The carrying value of borrowings under our 2025 Credit Facility and Prior Credit Facility approximates fair value as the interest rates are based on prevailing market rates; therefore, they are a Level 1 fair value measurement. For all other debt, a market approach, based upon quotes from major financial institutions, which are Level 2 inputs, is used to measure the fair value.Credit Facility. On September 30, 2025, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) that, as amended, has a maturity date of September 30, 2030 (the “2025 Credit Facility”), with the lenders and issuing banks party thereto from time to time (the “Lenders”), and JPMorgan Chase Bank, N.A., as administrative agent. The 2025 Credit Facility, among other things, extended the maturity date from December 2027 to September 2030, with two one-year extension options available, each subject to the Lenders’ consent, increased the aggregate commitments under the 2025 Credit Facility from $2.5 billion to $3.5 billion with incremental capacity for additional commitments in an amount up to $1.0 billion, subject to the receipt of commitments thereto and certain customary conditions. The Credit Agreement also increased the sublimit available for the issuance of letters of credit from $500 million to $1.0 billion and increased the sublimit available for swingline loans from $50 million to $100 million. As of September 30, 2025, we had approximately $3.5 billion available for borrowings under the 2025 Credit Facility.The Credit Agreement contains restrictive covenants that, subject to exceptions customary to investment-grade credit facilities, limit Expand Energy and its subsidiaries’ ability to, among other things: (i) incur priority indebtedness, (ii) enter into mergers; (iii) make or declare dividends; (