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Northern Oil and Gas, Inc. Announces Success of Consent Solicitation and Closing Schedule for New Credit Facility
November 21, 2019
Source: Yahoo Finance
Northern Oil and Gas, Inc. (NYSE American: NOG) (“Northern”) today announced the results of its previously announced consent solicitation (the “Consent Solicitation”) pursuant to which Northern solicited consents from holders of its outstanding 8.50% Senior Secured Second Lien Notes due 2023 (the “Notes”) to amend the indenture (the “Indenture”) governing the Notes (the “Proposed Amendments”). Holders of over 99% of the aggregate principal amount of Notes consented to the Proposed Amendments. Northern plans to settle the Consent Solicitation and related transactions and a newly amended and expanded $800 million Senior Secured Revolving Credit Facility (the “New Credit Facility”) on November 21, 2019.
Highlights
Holders of over 99% of the Notes consented to the Proposed Amendments.
The New Credit Facility introduces five new major banks to the syndicate.
Pro forma for all fees and transaction costs, Northern expects a decrease in total debt upon closing of the New Credit Facility and completion of the Consent Solicitation and related transactions.
Northern expects substantial reductions in fixed charges post-transactions.
Management Comment
“With the successful completion of these transactions, Northern enters a new era,” commented Northern’s President and Chief Financial Officer, Nick O’Grady. “We are now free to execute on our stated plan, which includes returning capital to shareholders, reducing debt ratios and growing our free cash flow and profitability over time in a responsible manner.”
About Northern Oil and Gas
Northern Oil and Gas, Inc. is an exploration and production company with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana.
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