Northern Oil and Gas Inc. said Oct. 5 that it has closed an agreement with Royal Bank of Canada, as administrative agent, and a syndicate of lenders under a new $750 million first lien revolving credit facility.
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, and 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.
RBC Capital Markets, ABN AMRO, Capital One, Citizens Bank and Wells Fargo Securities are the joint lead arrangers and joint bookrunners. The new credit facility matures in October 2023.