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Oasis receives requested consents to amend 7¼%, 6½%, 6 7/8% notes
New York, Oct. 26 – Oasis Petroleum Inc. received the needed approvals in its three concurrent consent solicitations to amend the indentures governing its $400 million of 7¼% senior notes due 2019, $400 million of 6½% senior notes due 2021 and $400 million of 6 7/8% senior notes due 2023, according to a company news release.
Holders of a majority of each series of notes delivered the necessary consents, the company said. Supplemental indentures have been executed and will become effective when the consent fees are paid.
The company began the solicitations on Oct. 6.
It initially 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 on Oct. 21 modified the amendments, primarily 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 remained $10 per $1,000 principal amount of notes for which consents are delivered.
At the amendment on Oct. 21, 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 was conditioned on the receipt of consents from holders of a majority of each series of notes.
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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