From a company press release:
Northern Oil and Gas, Inc. (NYSE American: NOG) today announced it has closed an agreement with TPG Sixth
Street Partners for a new $400 million first lien credit
facility.
At the closing, an initial
amount of $300 million was funded - an additional $100 million of
delayed draw term loans are available to the Company, subject to the
satisfaction of customary conditions. The new credit facility matures
in five years and carries a floating interest rate of LIBOR, plus 7.75%.
The Company used approximately $161 million of the initial proceeds
to repay and retire its bank credit facility led by Royal Bank of
Canada, which was scheduled to mature in September 2018.
Excess
proceeds under the initial draw and additional availability under the
new credit facility may be used for general corporate purposes,
including, but not limited to, development of the Company's assets in
the Williston Basin, future accretive acquisitions, and potential
purchases of the Company's outstanding unsecured senior notes and common
shares.
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