Oasis amends and extends pending consent solicitations

Oasis Petroleum Inc. (NYSE: OAS) is amending and extending its consent solicitations respecting amendments to the indentures governing its outstanding 7.25% senior notes due 2019 (CUSIP No. 67415AC2), 6.5% senior notes due 2021 (CUSIP No. 674215AD0), and 6.875% senior notes due 2023 (CUSIP No. 674215AE8). 

Oasis is modifying the terms of the amendments that it is seeking to its Indentures. The principal modification is to cap the amount of the borrowing base in the basket for secured credit facilities indebtedness in the Indentures at its current amount, $1.525 billion. 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 indebtedness. As modified, the amendments are set forth in full in Oasis's amended and restated consent solicitation statement, dated Oct. 21, which is being sent to all holders of the notes eligible to consent to the amendments.

Oasis is also further extending the consent solicitations. Each consent solicitation will now expire at 5 p.m., New York City time, on Oct. 26, unless further extended. Each consent solicitation remains conditioned on the receipt of consents from holders of record as of Oct. 5 of a majority in aggregate principal amount of the notes of each series. Currently, $400,000,000 in aggregate principal amount of the notes of each series is outstanding.

The solicitation agent in connection with the consent solicitations is Wells Fargo Securities LLC.

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