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Northern Oil & Gas starts exchange offers for senior notes due 2023

Northern Oil & Gas Inc. has commenced exchange offers to holders of its 8.50% senior secured second lien notes due 2023.

Holders were given the option to exchange up to around $70.8 million in notes for newly issued 6.50% perpetual convertible preferred stock with an aggregate liquidation preference of $75 million. Holders of the notes could have at most 10.28% of tendered notes accepted for exchange and will receive 10.60 shares of preferred stock per $1,000 in principal amount of notes.

Tendered notes that do not make the cut due to the exchange limit will be eligible for a cash tender offer for up to $200 million of notes at $1,060 per $1,000, according to an Oct. 21 news release.

Northern Oil & Gas is also extending a subscription offer for additional shares of preferred stock with an aggregate liquidation preference of $75 million at a price of $1,000 for 10 shares. Participants in the subscription offer will be required to purchase a number of shares equal to the exchange consideration accepted under the exchange offer.

The offers will expire Nov. 18.

The company earlier said it will use the proceeds to repay outstanding borrowings under its term loan facility and for general corporate purposes.