Northern Oil and Gas entered into an amended and restated credit agreement governing its reserves-based revolving credit facility with Wells Fargo as administrative agent and the existing syndicate of 20 lenders. The elected commitment at $1.6 billion, and the borrowing base at $1.8 billion, remain unchanged. The maturity date was extended from June 2027 to November 2030. In addition, the cost of borrowing on the facility was substantially improved with a reduction of 60 basis points.
“We are pleased with the extension and update of our revolving credit facility. NOG’s borrowing base and elected commitment were unchanged while our cost of borrowing was reduced by 60 basis points despite an increasingly challenging macro environment. The terms of our renewed revolver speak to the high quality of our holdings and the depth of our inventory,” Chad Allen, chief financial officer of NOG, said. “The extension of the maturity date on the revolver to 2030 concludes this year’s efforts to actively manage our maturity wall and de-risk the balance sheet. We exit 2025 with a meaningfully improved liquidity profile, a lower all-in cost of debt and a weighted average debt maturity of six years.”
