HOUSTON, April 30, 2018 /PRNewswire/ — Oasis Petroleum Inc. (NYSE: OAS) (“Oasis” or the “Company”) announced today that, subject to market conditions, it intends to offer $400 million in aggregate principal amount of senior unsecured notes due 2026 in a private placement to eligible purchasers.
Oasis intends to use the net proceeds of this offering to fund tender offers (the “Tender Offers”) to purchase for cash, subject to certain conditions, up to $400 million in aggregate purchase price, excluding accrued and unpaid interest, of its outstanding 7.25% senior notes due 2019, 6.5% senior notes due 2021, 6.875% senior notes due 2022 and 6.875% senior notes due 2023 (collectively, the “Tender Notes”). The Tender Offers are being made pursuant to an Offer to Purchase and Consent Solicitation Statement dated April 30, 2018. To the extent that the Tender Offers are not completed or the net proceeds of this offering exceed the amount needed to fund the Tender Offers, Oasis may use the remaining net proceeds from this offering for general corporate purposes, which may include redemptions or repurchases of the Tender Notes, reducing borrowings under its revolving credit facility, repaying other indebtedness, working capital or funding capital expenditures and acquisitions. This offering is not contingent on the consummation of the Tender Offers or the tender of any minimum amount of Tender Notes in the Tender Offers.
The notes to be offered have not been registered under the Securities Act of 1933, as amended, (the “Securities Act”), or any state securities laws; and unless so registered, the securities may not be offered or sold in the United States absent an applicable exemption from, or a transaction not subject to, registration requirements of the Securities Act and applicable state securities laws. The notes are being offered and sold only to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act and outside the United States in compliance with Regulation S under the Securities Act.