Oasis Increases Borrowing Base to $1,250MM
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Oasis Petroleum Inc. has 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…
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