Petroquest energy, l.l.c. private company information – bloomberg power usage estimator

On June 20, 2016, PetroQuest Energy Inc. and PetroQuest Energy, L.L.C. (the Borrower) and TDC Energy LLC (the Guarantor) entered into the Fourteenth Amendment to Credit Agreement which amends the Credit Agreement dated as of October 2, 2008 with JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Capital One, National Association, IBERIABANK, Bank of America, N.A. and The Bank of Nova Scotia (collectively, Lenders"). Among other things, the Fourteenth Amendment provides that the financial covenants of the Credit Agreement do not apply to the Company until the Financial Covenant Reinstatement Date, which is defined in the Fourteenth Amendment as the first date on which the Borrower incurs any borrowings or causes the Lenders to issue any letters of credit under the Credit Agreement. Effectively, the Company may not incur any borrowings or cause the Lenders to issue any letters of credit under the Credit Agreement until the Company can satisfy the financial covenants under the Credit Agreement, as outlined below. The Fourteenth Amendment also amended the financial covenants in the Credit Agreement. In the Fourteenth Amendment, the Lenders have agreed to amend the maximum ratio of total debt to EBITDAX as of the last day of any fiscal quarter for the fiscal quarter period then ending multiplied by four to be, from and after the Financial Covenant Reinstatement Date (as defined in the Credit Agreement), 4.0 to 1.0 as of the last day of any fiscal quarter, to add back the minimum ratio of consolidated current assets (including Unused Availability (as defined in the Credit Agreement) and excluding non-cash assets under ASC 815) to consolidated current liabilities (excluding non-cash obligations under ASC 815 and ASC 410 and, for the fiscal quarters ending September 30, 2016 and December 31, 2016, liabilities in respect of the Company’s 10% Senior Notes due 2017), to be, from and after the Financial Covenant Reinstatement Date, 1.0 to 1.0, and to amend the minimum ratio of EBITDAX to total cash interest expense, determined on a four quarter basis as of the end of each fiscal quarter to be, from and after the Financial Covenant Reinstatement Date, 3.0 to 1.0. In addition, pursuant to the Fourteenth Amendment, the Lenders have agreed to modify the commitment fee rate to be 0.500% of the average daily unused amount of the commitments of the Lenders, reduced the commitment to issue letters of credit to $0, modified the Borrower’s obligation to make mandatory prepayments to include mandatory prepayments on each business day from and after the Financial Covenant Reinstatement Date in the amount of any Excess Cash on such day and, once the borrowings are fully prepaid, to require Borrower to pay any Excess Cash to the Administrative Agent to provide cash collateral for any outstanding letters of credit issued under the Credit Agreement, where Excess Cash is any unrestricted cash and cash equivalents of the Company or any of its other Subsidiaries that exceeds $10,000,000, added additional conditions to making a loan or issuing, amending, renewing or extending a letter of credit under the Credit Agreement, including (i) at the time and giving effect to the requested borrowing or issuance, amendment, renewal or extension of a letter of credit, there shall be no Excess Cash, and (ii) at the time and giving effect to the requested borrowing or issuance, amendment, renewal or extension of a letter of credit, the aggregate amount of borrowings outstanding and letters of credit issued under the Credit Agreement shall not exceed $5,000,000, which may be waived or modified to increase such amount only with the consent of the Administrative Agent and each Lender, decreased the Borrowing Base, as defined in the Credit Agreement, from $32 million to $22.5 million, and decreased the aggregate commitment of the Lenders from $32 million to $22.5 million. Based on the Company’s expectations for the second quarter of 2016, the Company anticipates that, pursuant to the applicable financial covenants in the Credit Agreement, the Company’s utilization of the Borrowing Base will limited to $0. After he Financial Covenant Reinstatement Date, the Company’s utilization of the Borrowing Base will be limited to $5,000,000, subject to the limitations on Excess Cash pursuant to the Credit Agreement, as amended. As of June 20, 2016, the Borrower had no borrowings outstanding under the Credit Agreement.