Oasis Petroleum amends revolver to modify size, pricing and maturity

By Sara Rosenberg

New York, Jan. 24 - Oasis Petroleum North America LLC amended its revolving credit facility, increasing the size to $600 million from $250 million, reducing pricing and extending the maturity by one year to Feb. 26, 2015, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Pricing on the revolver can now range from Libor plus 200 basis points to 275 bps based on borrowing base utilization.

Also, the amendment increased the limit on outstanding senior unsecured notes to $600 million from $250 million. As a result, the company announced that it is selling $300 million of senior notes due 2019 to fund its exploration, development and acquisition program and for general corporate purposes.

Furthermore, the debt coverage ratio covenant was revised to be net of cash and cash equivalents on the company's balance sheet.

In addition, the amendment lifted the revolver's borrowing base to $150 million from $120 million and waived the reduction in the borrowing base that would have occurred as a result of the company's notes sale.

As part of the amendment, an additional lender was added to the bank group.

The amendment was completed on Jan. 21.

BNP Paribas is the administrative agent on the deal.

Oasis is a Houston-based independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources, primarily operating in the Williston Basin.

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