Oasis extends facility to 2023, reaffirms borrowing base of revolver

By Sarah Lizee

Olympia, Wash., Oct. 19 – Oasis Petroleum Inc. wholly owned subsidiary Oasis Petroleum North America LLC entered into a third amended and restated credit agreement on Tuesday to extend the maturity date of the credit facility and provide for the scheduled redetermination of the borrowing base, according to an 8-K filing with the Securities and Exchange Commission.

The facility was extended to October 2023 from April 2020, provided that the company’s 2022 and 2023 senior notes are retired or refinanced 90 days prior to their respective maturities.

Additionally, the lenders under the company’s revolving credit facility completed their regular semiannual redetermination of the borrowing base, resulting in the reaffirmation of the company’s borrowing base at $1.6 billion with elected commitments remaining at $1.35 billion.

The next redetermination of the borrowing base is scheduled for April 1, 2019.

The interest rate under the credit agreement ranges from Libor plus 150 basis points to Libor plus 250 bps, depending on borrowing base utilization, according to a press release.

Oasis is a Houston-based oil and natural gas company.

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