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Northern Oil & Gas enters into agreement to reduce debt

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Northern Oil & Gas enters into agreement to reduce debt

Northern Oil & Gas Inc. entered into an agreement with an unnamed institutional holder of its 8.5% senior secured second lien notes due 2023 in order to reduce debt.

Northern will repurchase and retire $16 million in aggregate principal amount of the notes in exchange for 160,000 shares of its 6.5% series A perpetual cumulative convertible preferred stock and $700,000 in cash, according to a Jan. 16 news release. After the transaction closes, the company will have $391.8 million in principal amount of notes outstanding, the release said.

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