Vine Oil & Gas LP and Vine’s wholly owned subsidiary, Vine Oil & Gas Finance Corp. has commenced a private offering of $530 million in aggregate principal amount of senior unsecured notes due 2023, the company said on Oct. 10.
Vine intends to use a portion of the net proceeds of the notes offering to repay in full its existing third lien term loan, and the remainder of the net proceeds will be used to pay down borrowings under its second lien term loan and revolving credit facility.
Vine plans to offer and sell the securities only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in transactions outside the U.S. pursuant to Regulation S under the Securities Act.
Policy and permitting, the environment and metocean conditions, and infrastructure were among the topics discussed as companies aim to advance projects.
OPEC member Libya is exempt from cutting oil output under a deal by OPEC and allies, known as OPEC+. A restart in Libya supply could force other producers to make further reductions to support prices.
U.S. drillers added oil and gas rigs for the second time in three weeks as a recent increase in energy prices from coronavirus-linked lows prompted some to return to the wellpad.