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Oasis amends, extends consent solicitations for 7¼%, 6½%, 6 7/8% notes
By Angela McDaniels
Tacoma, Wash., Oct. 21 – Oasis Petroleum Inc. amended and extended three concurrent consent solicitations to amend the indentures governing its 7¼% senior notes due 2019, 6½% senior notes due 2021 and 6 7/8% senior notes due 2023, according to a company news release.
When the solicitations began on Oct. 6, the company was seeking amendments that would permit it to incur secured debt under its senior secured revolving credit facility in an amount at any time outstanding greater than or equal to the amount of its borrowing base under that facility.
Oasis is modifying the terms of the amendments it is seeking. The principal modification is to cap the amount of the borrowing base in the basket for secured credit facilities debt in the indentures at its current amount, $1,525,000,000.
Other modifications include adding, deleting or revising several defined terms or other provisions in the indentures, generally to restrict Oasis’ ability to incur second-lien debt.
The consent fee remains $10 per $1,000 principal amount of notes for which consents are delivered.
The consent solicitations were extended to 5 p.m. ET on Oct. 26. Earlier, they were extended to 5 p.m. ET on Oct. 21 from 5 p.m. ET on Oct. 16.
Each consent solicitation remains conditioned on the receipt of consents from holders of a majority of each series of notes.
Currently, $400 million principal amount of the notes of each series is outstanding.
The amendments to each notes indenture will become effective upon the execution of a supplemental indenture, but the amendments will not become operative until the consent fee has been paid.
Wells Fargo Securities, LLC (866 309-6316 or 704 410-4760) is the solicitation agent. D.F. King & Co., Inc. (800 499-8159 or 212 269-5550) is the information agent and tabulation agent.
Oasis is a Houston-based oil and natural gas company.
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