Oasis Petroleum Announces Pricing of $400M Offering of Senior Notes

Source: www.gulfoilandgas.com 5/25/2021, Location: North America

Oasis Petroleum Inc. announced pricing of its private placement to eligible purchasers (the "offering") of $400.0 million in aggregate principal amount of 6.375% senior unsecured notes due 2026 (the "notes"). The notes were priced at par. The offering is expected to close on June 9, 2021, subject to customary closing conditions.

Oasis intends to use the net proceeds from the offering to fund a portion of the consideration in connection with the recently announced acquisition of select Williston Basin assets from QEP Energy Company, a wholly owned subsidiary of Diamondback Energy, Inc. (the "Williston Basin Acquisition"), and to pay related fees and other expenses. If the Williston Basin Acquisition is not consummated on or prior to September 27, 2021 (or such later date if the outside date under the purchase and sale agreement relating to the Williston Basin Acquisition (the "Williston PSA") is extended pursuant to the terms thereof) or, if prior to such date, the Williston PSA is terminated without the Williston Basin Acquisition being consummated, then in either case, the notes will be redeemed at a redemption price equal to 100% of the issue price of the notes, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Williston Basin Acquisition is not conditioned upon the completion of the offering.

The notes to be offered have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and unless so registered, the notes may not be offered or sold in the United States absent an applicable exemption from, or a transaction not subject to, registration requirements of the Securities Act and applicable state securities laws. The notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and to non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act.


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