- Oasis files for Chapter 11 with the support of 97% of the RBL lenders and 52% of the unsecured noteholders.
- RBL lenders agree to provide a $450 million DIP consisting of a $150 million new money revolving facility and up to $300 million rollup.
- The Ad Hoc Group of unsecured noteholders have agreed to fully equitize the notes for 100% of the pro forma equity of Oasis.
- Existing equity will receive 4-year warrants convertible into up to 7.5% of the new common equity in reorganized Oasis.
- Investment Bankers estimate the reorganized Oasis' enterprise value of $1.3-1.7 billion, with an estimated net debt of $335 million on the effective date, gives an equity value range of $965-1,363 million.
For further details see:
Oasis Petroleum: Files For Chapter 11 With Restructuring Support Agreement In Hand