Oasis Petroleum starts roadshow for $400 million five-year notes; initial talk low-7% area

By Paul A. Harris

Portland, Ore., May 24 – Oasis Petroleum Inc. started a roadshow on Monday for a $400 million offering of five-year senior notes (B3) according to market sources.

Initial guidance has the Rule 144A and Regulation S notes coming to yield in the low-7% area.

Pricing is expected later in the May 24 week.

J.P. Morgan Securities LLC is leading the deal.

The notes come with two years of call protection.

The Houston-based energy exploration and production company plans to use the proceeds to help fund the acquisition of select Williston Basin assets from QEP Energy Co. and for general corporate purposes.

If the acquisition is not consummated or extended by Sept. 27, 2021 the notes will be redeemed at par plus accrued interest.

The Williston Basin acquisition is not conditioned upon completion of the notes offering.

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