Finance & Investing | Fundraising | Capital Markets
Oasis Petroleum Ups Borrowing Base to $1.7 Billion
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Oasis Petroleum Inc. announced that the lenders under its revolving credit agreement completed their regular semi-annual redetermination of the borrowing base, resulting in a borrowing base of $1,700 million. The Company increased the lenders' aggregate elected commitment to $1,525 million from $1,500 million. The lenders' aggregate commitment can be increased to the full $1,700 million borrowing base by increasing the commitment of one or more lenders.
Additionally, the Company extended the maturity date of the facility from April 2018 to April 2020, provided that the Company's 2019 Senior Notes are retired or refinanced 90 days prior to the maturity of the 2019 Senior Notes. Oasis' borrowing base facility is supported by 18 financial institutions. The next redetermination of the borrowing base is scheduled for October 1, 2015.
Thomas B. Nusz, Oasis' Chairman and Chief Executive Officer, commented: "We are pleased with the outcome of the redetermination, as we continue to have a strong lending group that supports our Company and its strategy. Our strong reserve growth in 2014 helped support the size of the borrowing base, despite the lower commodity price environment."