- Northern Oil and Gas ( NYSE: NOG ) has priced its offering of $435M of 3.625% convertible senior unsecured notes due April 15, 2029 in a private offering.
- The offering size was increased from the previously announced offering size of $350M.
- Interest on the notes will be payable semi-annually in arrears on April 15 and October 15 of each year, beginning on April 15, 2023.
- Offering is expected to close on October 14, 2022.
- Initial purchasers granted an option to purchase up to an additional $65M principal amount of notes.
- The company intends to use a portion of the net proceeds to fund the cost of entering into the capped call transactions and approximately $30M to repurchase common stock concurrently with the pricing of the offering in privately negotiated transactions effected through one of the initial purchasers of the notes or its affiliate.
- Any remaining net proceeds will be used for general corporate purposes.
For further details see:
NOG prices upsized $435M private debt offering