Oasis borrowing base redetermined, consent soliciations begun

Oasis Petroleum Inc. (NYSE: OAS) confirms that the lenders under its senior secured revolving credit facility has completed its regular semi-annual redetermination of the borrowing base, resulting in a borrowing base of $1,525 million. The next redetermination of the borrowing base is scheduled for April 1, 2016.

Additionally, the company announced the commencement of three concurrent consent solicitations respecting amendments to the indentures governing its outstanding 7.25% senior notes due 2019, 6.5% senior notes due 2021 and 6.875% senior notes due 2023. Currently, $400,000,000 in aggregate principal amount of the notes of each series is outstanding.

The amendments would permit the company to incur secured indebtedness 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. The company is seeking the amendments to provide it with greater financial flexibility.

Each consent solicitation will expire at 5 p.m., New York City time, on Oct. 16, unless extended.

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

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...