Exhibit 10.1

 

 

THIRD AMENDMENT

TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

AMONG

 

LAREDO PETROLEUM, INC.,

as Borrower,

 

WELLS FARGO BANK, N.A.,

as Administrative Agent,

 

THE GUARANTORS SIGNATORY HERETO,

 

AND

 

THE BANKS SIGNATORY HERETO

 

 

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THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

This THIRD AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Third
Amendment”), dated as of April 24, 2012, is among LAREDO PETROLEUM, INC., a
corporation formed under the laws of the State of Delaware (the “Borrower”);
each of the undersigned guarantors (the “Guarantors”, and together with the
Borrower, the “Obligors”); each of the Banks that is a signatory hereto; and
WELLS FARGO BANK, N.A., as administrative agent for the Banks (in such capacity,
together with its successors, the “Administrative Agent”).

 

Recitals

 

A.                                   The Borrower, the Administrative Agent and
the Banks are parties to that certain Third Amended and Restated Credit
Agreement dated as of July 1, 2011 (as amended prior to the date herof, the
“Credit Agreement”), pursuant to which the Banks have, subject to the terms and
conditions set forth therein, made certain credit available to and on behalf of
the Borrower.

 

B.                                     The Borrower desires to have the ability
to issue up to $1,050,000,000 of Senior Notes (as defined in the Credit
Agreement).

 

C.                                     The parties to the Credit Agreement have
agreed to amend certain provisions of the Credit Agreement to facilitate the
foregoing.

 

D.                                    NOW, THEREFORE, in consideration of the
premises and the mutual covenants herein contained, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

 

Section 1.                                            Defined Terms.  Each
capitalized term which is defined in the Credit Agreement, but which is not
defined in this Third Amendment, shall have the meaning ascribed such term in
the Credit Agreement.  Unless otherwise indicated, all section references in
this Third Amendment refer to the Credit Agreement.

 

Section 2.                                            Amendment to Section 9.1
of the Credit Agreement.              Section 9.1(d) of the Credit Agreement is
hereby amended to delete the reference to “$550,000,000” and replace it with
“$1,050,000,000”.

 

Section 3.                                            Conditions Precedent.  The
effectiveness of this Third Amendment is subject to the following:

 

3.1                                 The Administrative Agent shall have received
counterparts of this Third Amendment from the Obligors and the Required Banks.

 

3.2                                 The Administrative Agent shall have received
all fees and other amounts due and payable on or prior to the effective date of
this Third Amendment.

 

3.3                                 The Administrative Agent shall have received
such other documents as the Administrative Agent or special counsel to the
Administrative Agent may reasonably request.

 

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The Administrative Agent shall notify the Borrower and the Banks of the
effectiveness of this Third Amendment, and such notice shall be conclusive and
binding.

 

Section 4.                                            Representations and
Warranties; Etc.  Each Obligor hereby affirms: (a) that as of the date hereof,
all of the representations and warranties contained in each Loan Paper to which
such Obligor is a party are true and correct in all material respects as though
made on and as of the date hereof (unless made as of a specific earlier date, in
which case, was true as of such date), (b) no Defaults exist under the Loan
Papers or will, after giving effect to this Third Amendment, exist under the
Loan Papers and (c) no Material Adverse Change has occurred.

 

Section 5.                                            Miscellaneous.

 

5.1                                 Confirmation and Effect.  The provisions of
the Credit Agreement (as amended by this Third Amendment) shall remain in full
force and effect in accordance with its terms following the effectiveness of
this Third Amendment.  Each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof’, “herein”, or words of like import shall mean
and be a reference to the Credit Agreement as amended hereby, and each reference
to the Credit Agreement in any other document, instrument or agreement executed
and/or delivered in connection with the Credit Agreement shall mean and be a
reference to the Credit Agreement as amended hereby.

 

5.2                                 Ratification and Affirmation of Obligors. 
Each of the Obligors hereby expressly (a) acknowledges the terms of this Third
Amendment, (b) ratifies and affirms its obligations under the Facility Guaranty
and the other Loan Papers to which it is a party, (c) acknowledges, renews and
extends its continued liability under the Facility Guaranty and the other Loan
Papers to which it is a party and (d) agrees that its guarantee under the
Facility Guaranty and the other Loan Papers to which it is a party remains in
full force and effect with respect to the Obligations as amended hereby.

 

5.3                                 Counterparts.  This Third Amendment may be
executed by one or more of the parties hereto in any number of separate
counterparts, and all of such counterparts taken together shall be deemed to
constitute one and the same instrument. Delivery of this Third Amendment by
facsimile or electronic (e.g. pdf) transmission shall be effective as delivery
of a manually executed original counterpart hereof.

 

5.4                                 No Oral Agreement.  THIS WRITTEN THIRD
AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN PAPERS EXECUTED IN CONNECTION
HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL
AGREEMENTS OF THE PARTIES.  THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE
PARTIES.

 

5.5                                 Governing Law.  THIS THIRD AMENDMENT
(INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

 

5.6                                 Payment of Expenses.  The Borrower agrees to
pay or reimburse the Administrative Agent for all of its out-of-pocket costs and
expenses incurred in connection with this Third Amendment, any other documents
prepared in connection herewith and the

 

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transactions contemplated hereby, including, without limitation, the reasonable
fees and disbursements of counsel to the Administrative Agent.

 

5.7                                 Severability.  Any provision of this Third
Amendment which is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

 

5.8                                 Successors and Assigns.  This Third
Amendment shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns.

 

[signature pages follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be
duly executed effective as of the date first written above.

 

 

BORROWER:

LAREDO PETROLEUM, INC.

 

 

 

 

 

 

 

By:

/s/ W. Mark Womble

 

 

W. Mark Womble

 

 

Senior Vice President, Chief Financial Officer and Secretary

 

 

 

 

 

 

GUARANTORS:

LAREDO PETROLEUM HOLDINGS, INC.

 

 

 

 

 

 

 

By:

/s/ W. Mark Womble

 

 

W. Mark Womble

 

 

Senior Vice President, Chief Financial Officer and Secretary

 

 

 

 

LAREDO PETROLEUM TEXAS, LLC

 

 

 

 

 

By:

/s/ W. Mark Womble

 

 

W. Mark Womble

 

 

Senior Vice President, Chief Financial Officer and Secretary

 

 

 

 

LAREDO GAS SERVICES, LLC

 

 

 

 

 

By:

/s/ W. Mark Womble

 

 

W. Mark Womble

 

 

Senior Vice President, Chief Financial Officer and Secretary

 

 

 

 

LAREDO PETROLEUM — DALLAS, INC.,

 

f/k/a Broad Oak Energy, Inc.

 

 

 

 

 

By:

/s/ W. Mark Womble

 

 

W. Mark Womble

 

 

Senior Vice President, Chief Financial Officer and Secretary

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

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WELLS FARGO BANK, N.A.,

 

as Administrative Agent and as a Bank

 

 

 

 

 

By:

/s/ Tom K. Martin

 

 

Tom K. Martin

 

 

Director

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

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BANK OF AMERICA, N.A., as a Bank

 

 

 

 

 

By:

/s/ Christopher Renyi

 

 

Christopher Renyi

 

 

Vice President

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

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JPMORGAN CHASE BANK, N.A., as a Bank

 

 

 

 

 

By:

/s/ Mark E. Olson

 

 

Mark E. Olson

 

 

Authorized Officer

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

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SOCIETE GENERALE, as a Bank

 

 

 

 

 

By:

/s/ Jason Henderson

 

 

Jason Henderson

 

 

Managing Director

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

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UNION BANK, N.A., as a Bank

 

 

 

By:

/s/ Josh Patterson

 

 

Josh Patterson

 

 

Vice President

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

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BMO HARRIS FINANCING, INC., as a Bank

 

 

 

 

 

By:

/s/ Gumaro Tijerina

 

 

Gumaro Tijerina

 

 

Director

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

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BNP PARIBAS, as a Bank

 

 

 

By:

/s/ Matt Turner

 

 

Matt Turner

 

 

Vice President

 

 

 

By:

/s/ Edward Pak

 

 

Edward Pak

 

 

Director

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

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BANK OF SCOTLAND plc, as a Bank

 

 

 

By:

/s/ Julia R. Franklin

 

 

Julia R. Franklin

 

 

Vice President

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

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THE BANK OF NOVA SCOTIA, as a Bank

 

 

 

 

By:

/s/ Terry Donovan

 

 

Terry Donovan

 

 

Managing Director

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

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CAPITAL ONE, NATIONAL ASSOCIATION,
as a Bank

 

 

 

 

 

By:

/s/ Michael Higgins

 

 

Michael Higgins

 

 

Vice President

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

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COMPASS BANK, as a Bank

 

 

 

 

 

By:

/s/ Ann Van Wagener

 

 

Ann Van Wagener

 

 

Vice President

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

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BOKF, NA dba BANK OF OKLAHOMA,

 

as a Bank

 

 

 

 

 

By:

/s/ Pam P. Schloeder

 

 

Pam P. Schloeder

 

 

Senior Vice President

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

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BRANCH BANKING AND TRUST, as a Bank

 

 

 

By:

/s/ Parul June

 

 

Parul June

 

 

Assistant Vice President

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

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COMERICA BANK, as a Bank

 

 

 

 

 

By:

/s/ John S. Lesikar

 

 

John S. Lesikar

 

 

Assistant Vice President

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

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GOLDMAN SACHS BANK USA, as a Bank

 

 

 

 

 

By:

/s/ Michelle Latzoni

 

 

Michelle Latzoni

 

 

Authorized Signatory

 

SIGNATURE PAGE TO THIRD AMENDMENT TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

 

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