NOG - NOG expands revolving credit facility bumps up borrowing base to $1.8B
2023-08-02 18:09:43 ET
- Northern Oil and Gas ( NYSE: NOG ) on Thursday said it had amended its revolving credit facility to increase the borrowing base by 12.5% and the elected commitment amount by 25%.
- The borrowing base will now be $1.8B from $1.6B previously, while the elected commitment amount will now be $1.25B from $1B earlier.
- "The amendment will go into effect upon NOG’s closing of the Novo acquisition, scheduled for mid-August 2023, subject to other customary conditions. There are no other material changes to the terms of the Facility," NOG said in a statement .
- NOG also added that PNC Bank and Bank of Oklahoma have joined as new members of the lending syndicate.
- NOG separately announced Q2 results.
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NOG expands revolving credit facility, bumps up borrowing base to $1.8B