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RBC Agents $750MM First Lien Revolver for Northern Oil and Gas

October 08, 2018, 07:57 AM
Filed Under: Energy

Northern Oil and Gas, Inc. announced 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. RBC Capital Markets, ABN AMRO, Capital One, Citizens Bank and Wells Fargo Securities are the joint lead arrangers and joint book runners. The new credit facility matures in October 2023.

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. Northern 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.

“The closing of our new credit facility is a huge leap forward for the Company’s financial flexibility and overall cost of capital,” commented Northern’s Chief Financial Officer, Nick O’Grady. “We would like to thank TPG Sixth Street Partners for their invaluable commitment over the past year, which has been instrumental to the enormous strides the Company has made. With their help, Northern has executed on over a half billion dollars in acquisitions, vastly improved our credit metrics and dramatically improved our share price.”

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