Oasis Petroleum Inc. (NYSE: OAS) will offer $250 million of a series of senior unsecured convertible notes due 2023, the company said Sept. 13.
The underwriters will likely receive a 30-day option to purchase $37.5 million in additional notes.
The net proceeds from the offering-- possibly alongside additional revolving credit facility borrowings--will fund separate tender offers for the existing 7.25% notes due 2019; 6.5% notes due 2021; 6.875% notes due 2022 and 6.875% notes due 2023.
The company said that if the tender offers are not completed, part of the net proceeds might support general corporate purposes, which could include redemption or repurchases of the senior notes.
The notes will pay semiannual interest and will be convertible into cash, common shares or a blend of cash and shares. They will mature on Sept. 15, 2023.
RBC Capital Markets is the sole structuring adviser and lead book-running manager.
Oasis Petroleum Inc. is based in Houston.
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