Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers O > Headlines for Oasis Petroleum Inc. > News item |
Oasis seeks to amend three notes to incur debt above borrowing base
By Susanna Moon
Chicago, Oct. 6 – Oasis Petroleum Inc. said it began three concurrent consent solicitations to amend its 7¼% senior notes due 2019, 6½% senior notes due 2021 and 6 7/8% senior notes due 2023.
The amendments would permit the company to incur secured debt under its senior secured revolving credit facility under certain conditions, according to a company press release.
There is about $400 million principal amount of each series of notes outstanding.
Each consent solicitation will end at 5 p.m. ET on Oct. 16. Each solicitation is conditioned on the receipt of consents from holders of record as of Oct. 5.
The company said it will pay a cash consent fee of $10.00 for each $1,000 principal amount of notes for which consents were delivered. Settlement will occur “promptly” after the solicitation ends, the company said.
The amendments to each notes indenture will become effective upon the execution of a supplemental indenture. At that time, the amendments will become effective and consents may no longer be revoked; however, the amendments will not become operative until the consent fee has been paid.
Oasis said it is making each consent solicitation concurrently with the others, but each consent solicitation is independent of the others.
Wells Fargo Securities, LLC (866 309-6316 or 704 410-4760). D.F. King & Co., Inc. (800 499-8159 or 212 269-5550) is the information agent and tabulation agent.
The lenders under the company’s senior secured revolving credit facility completed their regular semiannual redetermination of the borrowing base, setting the amount at $1,525,000,000. The next redetermination date is set for April 1, 2016.
Oasis is a Houston-based oil and natural gas company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.