Too Big To Fail? NOG Announces New $400 Million First Lient Credit Facility -- November 1, 2017

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.