Northern Oil wraps tender offer for 8˝% notes due 2023

By Wendy Van Sickle

Columbus, Ohio, March 4 – Northern Oil and Gas, Inc. announced the final results of its cash tender offer for any and all outstanding 8˝% senior secured second-lien notes due 2023, according to a news release.

As of the 5 p.m. ET Feb. 17 early tender date but before the offer’s expiry at 11:59 p.m. ET on March 3, an additional $1,002 principal amount of notes were tendered, the company reported.

As of the early tender and consent date, $272,086,378 of the notes, or 94.6%, had been tendered and not validly withdrawn, as previously reported.

Holders who validly tendered notes prior to the early tender deadline received the total consideration of $1,030 per $1,000 of notes including an early tender premium of $30 per $1,000 notes plus interest.

Holders who tendered after the early deadline will receive par plus interest.

In connection with the offer, the company was soliciting consents from the holders of the notes for certain proposed amendments that would, among other things, eliminate substantially all restrictive covenants and certain of the default provisions contained in the indenture governing the notes.

A tender of notes under the procedures described in the statement constituted the consent of such holder to the proposed amendments.

The final settlement is expected for March 5.

BofA Securities (980 388-3646) is the dealer manager and solicitation agent, and D.F. King & Co. (800 901-0068 or nog@dfking.com) is the information and tender agent.

Northern Oil is a Minneapolis-based oil and gas exploration and production company focused on the Williston Basin Bakken and Three Forks play in North Dakota and Montana.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.