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Northern Oil and Gas’ revolving credit facility has increased to $1.5 billion from $1.25 billion as part of its semi-annual borrowing-base redetermination, the company said on April 29
Under its reserve-based revolving credit facility, the borrowing base will remain at $1.8 billion. Northern said JP Morgan Chase Bank, Mizuho Bank and Comerica Bank have joined as new members of the facility’s lending syndicate.
“We are excited to welcome JP Morgan Chase, Mizuho and Comerica to our lending syndicate,” Northern CFO Chad Allen said in a press release. “The growing commitment of our lenders is a testament to the success and discipline of our growth strategy, and the opportunities ahead of us. Our massive liquidity advantage continues to expand versus our non-operated peers providing us with an ever-increasing competitive advantage.”
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