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Northern Oil & Gas enters into additional transactions to reduce debt


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Northern Oil & Gas enters into additional transactions to reduce debt

In a bid to further reduce debt, Northern Oil & Gas Inc. entered into two agreements with unnamed institutional holders of its 8.5% senior secured second-lien notes due 2023.

Northern will repurchase and retire $50.8 million of the notes in exchange for 549,940 shares of its 6.5% series A perpetual cumulative convertible preferred stock, according to a Jan. 17 release. After the transactions close, the company will have $341 million in principal amount of notes outstanding.

The move follows a prior agreement with an unnamed institutional holder of the second-lien notes due 2023 that was also designed to help reduce debt.

Northern Oil & Gas is an exploration and production company that focuses on the Bakken and Three Forks formations in North Dakota and Montana.