Oasis Petroleum announced that the lenders under its senior secured revolving credit facility completed their regular semi-annual redetermination of the borrowing base, resulting in a borrowing base of $1,525 million. The next redetermination of the borrowing base is scheduled for April 1, 2016.
According to a related 8-K filing, the lender group is led by Wells Fargo as administrative agent.
Additionally, the Company announced the commencement of three concurrent consent solicitations respecting amendments to the indentures governing its outstanding 7.25% Senior Notes due 2019, 6.5% Senior Notes due 2021 and 6.875% Senior Notes due 2023. Currently, $400 million in aggregate principal amount of the notes of each series is outstanding. The solicitation agent in connection with the consent solicitation is Wells Fargo Securities.
The amendments would permit the company to incur secured indebtedness under its senior secured revolving credit facility in an amount at any time outstanding greater than or equal to the amount of its borrowing base under that facility. The company is seeking the amendments to provide it with greater financial flexibility.