Moody’s gives Northern Oil notes Caa1

Moody's Investors Service said it assigned a Caa1 rating to Northern Oil and Gas, Inc.'s proposed $200 million senior unsecured notes due 2020.

Net proceeds will be used to repay outstanding borrowings under the company's revolving credit facility.

"The new debt issuance and repayment of revolver borrowings will be leverage neutral for Northern Oil & Gas, but will enhance its liquidity position," Moody's analyst James Wilkins said in a news release.

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