Oasis Petroleum Inc. (NYSE: OAS) intends to offer $400 million in aggregate principal amount of senior unsecured notes due 2026 in a private placement to eligible purchasers, the company said on April 30.
Oasis intends to use the net proceeds of this offering to fund tender offers to purchase for cash, up to $400 million in aggregate purchase price, excluding accrued and unpaid interest, of its outstanding 7.25% senior notes due 2019, 6.5% senior notes due 2021, 6.875% senior notes due 2022 and 6.875% senior notes due 2023.
The tender offers are being made pursuant to an offer to purchase and consent solicitation statement dated April 30, 2018.
Additionally, Oasis has commenced cash tender offers for up to an aggregate principal amount that will not result in an aggregate purchase price that exceeds $400 million of Oasis’ outstanding 7.25% senior notes due 2019, of which $54.3 million principal amount is currently outstanding, 6.5% senior notes due 2021, of which $395.5 million principal amount is currently outstanding, 6.875% senior notes due 2022, of which $937.1 million principal amount is currently outstanding, and 6.875% senior notes due 2023, of which $366.1 million principal amount is currently outstanding.
In conjunction with certain of the tender offers, Oasis has also commenced solicitations of consents from holders of the 2019 notes, the 2021 notes and the 2022 notes to amend certain provisions of the applicable indentures governing the notes of such series.