Lenders redetermined the borrowing base of Oasis Petroleum Inc.’s (OAS) senior secured revolving credit facility at about $1.5 million, the company said Oct. 6. The next semiannual redetermination is scheduled for April 1, 2016.
Oasis also opened three concurrent consent solicitations concerning amendments to the indentures governing outstanding 7.25% senior notes due 2019, 6.5% notes due 2021 and 6.875% notes due 2023. Currently, the collective notes have $400 million in aggregate principal amount outstanding.
The amendments would allow Oasis to incur secured debt under the credit facility in an amount outstanding greater than or equal to the borrowing base amount
Each consent solicitation will expire on Oct. 16 the company said.
The amendments to each indenture will become effective after a supplemental indenture is carried out, the company said.
Wells Fargo Securities LLC is the solicitation agent.
Houston-based Oasis Petroleum Inc. acquires and develops Williston Basin oil and natural gas.
Recommended Reading
ONEOK CEO: ‘Huge Competitive Advantage’ to Upping Permian NGL Capacity
2024-03-27 - ONEOK is getting deeper into refined products and adding new crude pipelines through an $18.8 billion acquisition of Magellan Midstream. But the Tulsa company aims to capitalize on NGL output growth with expansion projects in the Permian and Rockies.
As ONEOK Digests Magellan, Sets Stage for More NGL Growth in 2024
2024-02-28 - ONEOK is continuing the integration of its newly acquired Magellan assets in 2024 as the company keeps an eye out for M&A opportunities and awaits regulatory approvals for certain projects.
Making Bank: Top 10 Oil and Gas Dealmakers in North America
2024-02-29 - MergerLinks ranks the key dealmakers behind the U.S. biggest M&A transactions of 2023.
Matador Hoards Dry Powder for Potential M&A, Adds Delaware Acreage
2024-04-24 - Delaware-focused E&P Matador Resources is growing oil production, expanding midstream capacity, keeping debt low and hunting for M&A opportunities.
Dorchester Minerals Buys Interests in Two Colorado Counties
2024-04-01 - Dorchester Minerals’ acquisition totals approximately 1,485 net royalty acres for roughly $17 million.