Lenders redetermined the borrowing base of Oasis Petroleum Inc.’s (OAS) senior secured revolving credit facility at about $1.5 million, the company said Oct. 6. The next semiannual redetermination is scheduled for April 1, 2016.
Oasis also opened three concurrent consent solicitations concerning amendments to the indentures governing outstanding 7.25% senior notes due 2019, 6.5% notes due 2021 and 6.875% notes due 2023. Currently, the collective notes have $400 million in aggregate principal amount outstanding.
The amendments would allow Oasis to incur secured debt under the credit facility in an amount outstanding greater than or equal to the borrowing base amount
Each consent solicitation will expire on Oct. 16 the company said.
The amendments to each indenture will become effective after a supplemental indenture is carried out, the company said.
Wells Fargo Securities LLC is the solicitation agent.
Houston-based Oasis Petroleum Inc. acquires and develops Williston Basin oil and natural gas.
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