RBC Capital Markets, ABN AMRO, Capital One, Citizens Bank and Wells Fargo Securities are the joint lead arrangers and joint book runners. The new credit facility matures in October 2023.
The new credit facility has an initial borrowing base of $425 million, with the next redetermination scheduled for April 1, 2019. Northern has drawn $50 million of borrowings at closing. Northern applied a portion of the initial proceeds, together with the net proceeds of its previously announced offering of senior secured second lien notes, towards the repayment and retirement of its term loan credit facility led by TPG Sixth Street Partners.
“The closing of our new credit facility is a huge leap forward for the Company’s financial flexibility and overall cost of capital,” commented Northern’s Chief Financial Officer, Nick O’Grady.
Northern Oil and Gas is an exploration and production company with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana.