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Wells Fargo Agents Oasis Petroleum Facility Increase to $1.25 Billion

April 10, 2013, 09:11 AM
Filed Under: Energy

Oasis Petroleum entered into a Second Amended and Restated Credit Agreement with its bank syndicate. The lenders under the company's revolving credit agreement completed their regular semi-annual redetermination of the borrowing base, resulting in an increase to the borrowing base from $750 million to $1,250 million. However, the company elected to limit the lenders' aggregate commitment to $900 million. The lenders' aggregate commitment can be increased to the full $1,250 million borrowing base by increasing the commitment of one or more lenders.

As part of the amendment, the overall credit facility increased from $1 billion to $2.5 billion.  Additionally, Oasis added four new lenders to the bank group. As of March 31, 2013, Oasis had no outstanding indebtedness under its revolving credit facility, and it had $2.2 million of letters of credit, which reduce the borrowing capacity of the revolving credit facility.  The next redetermination of the borrowing base is scheduled for October 1, 2013.

Wells Fargo Bank serves as administrative agent for the syndicate of lenders.

For more details, access the Oasis’ SEC filing here.

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