Oasis Petroleum Inc. has priced an offering of $400 million aggregate principal amount of senior unsecured notes due 2023. The notes will bear interest at a rate of 6.875% per annum and will be issued at par.
The size of the offering was increased from the previously announced $300 million to $400 million. The offering is expected to close on July 2, 2012, subject to customary closing conditions. The senior unsecured notes will be jointly and severally guaranteed on a senior unsecured basis by all of the company's existing material subsidiaries and certain future subsidiaries. Oasis intends to use the net proceeds from the offering to fund its exploration, development and acquisition program and for general corporate purposes.
JP Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC, RBC Capital Markets, LLC, UBS Securities LLC, RBS Securities Inc. and Tudor, Pickering, Holt & Co. Securities, Inc. will act as joint book-running managers for the senior unsecured notes offering.
Oasis Petroleum is an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources. The company has accumulated approximately 307,000 net leasehold acres in the Williston Basin and is currently focused on exploiting resource potential from the Bakken and Three Forks formations.