Issuer:
|
Oasis Petroleum Inc. | |
Security Description:
|
Senior Notes | |
Distribution:
|
SEC Registered | |
Size:
|
$400,000,000 | |
Maturity:
|
November 1, 2021 | |
Gross Proceeds:
|
$400,000,000 | |
Net Proceeds (before expenses):
|
$393,400,000 | |
Coupon:
|
6.500% | |
Price:
|
100% of face amount | |
Yield to Maturity:
|
6.500% | |
Spread to Benchmark Treasury:
|
+ 415 bps | |
Benchmark Treasury:
|
UST 2.125% due August 15, 2021 | |
Interest Payment Dates:
|
November 1 and May 1, beginning May 1, 2012 | |
Change of Control put:
|
Putable at 101% of principal, plus accrued and unpaid interest to the date of purchase. | |
Redemption Provisions: |
||
First call date:
|
November 1, 2016 | |
Make-whole call:
|
Before the first call date at a discount rate of Treasury plus 50 basis points | |
Redemption prices:
|
Commencing November 1, 2016: 103.250% Commencing November 1, 2017: 102.167% Commencing November 1, 2018: 101.083% Commencing November 1, 2019 and thereafter: 100.000% |
|
Redemption with proceeds of equity offering:
|
Prior to November 1, 2014 up to 35% may be redeemed at 106.500% | |
Change of Control call:
|
On or prior to January 1, 2013, call at 110% of principal plus accrued interest |
CUSIP/ISIN Numbers:
|
674215AD0 / US674215AD08 | |
Ratings*:
|
Caa1/B- | |
Denominations/Multiple:
|
$2,000 x 1,000 | |
Trade Date:
|
October 27, 2011 | |
Settlement Date**:
|
(T+10) on November 10, 2011 | |
Underwriters of Senior Notes:
|
Joint Book-Running Managers: J.P. Morgan Securities LLC Wells Fargo Securities, LLC BNP Paribas Securities Corp. Co-Managers: Johnson Rice & Company L.L.C. RBS Securities Inc. Simmons & Company International Tudor, Pickering, Holt & Co. Securities, Inc. UBS Securities LLC U.S. Bancorp Investments, Inc. |
* | Note: A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time. | |
** | We expect delivery of the notes will be made against payment therefor on or about November 10, 2011, which is the tenth business day following the date of pricing of the notes (such settlement being referred to as T+10). Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in three business days unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on the date of pricing of the notes or the next succeeding six business days will be required, by virtue of the fact that the notes initially will settle in T+10, to specify an alternate settlement cycle at the time of any such trade to prevent failed settlement and should consult their own advisers. |
As adjusted for | ||||
this offering | ||||
Cash and cash equivalents and short-term investments(1) |
$ | 817,744 | ||
Long-term debt: |
||||
Revolving credit facility(2) |
| |||
7.250% Senior Notes due 2019 |
400,000 | |||
6.500% Senior Notes due 2021 |
400,000 | |||
Total long-term debt |
800,000 | |||
Stockholders equity: |
||||
Common stock, $0.01 par value; 300,000,000 shares
authorized; 92,450,195 issued and 92,429,600 outstanding
at June 30, 2011 |
921 | |||
Treasury stock, at cost; 20,595 shares |
(559 | ) | ||
Additional paid-in-capital |
645,289 | |||
Retained deficit |
(66,343 | ) | ||
Total stockholders equity |
579,308 | |||
Total capitalization |
$ | 1,379,308 | ||
(1) | As of September 30, 2011, we had total cash and cash equivalents and short-term investments of $288.5 million. | |
(2) | On October 6, 2011, we entered into an amendment to our revolving credit facility in order to, among other things, increase the size of the facility from $600 million to $1 billion and increase our borrowing base from $137.5 to $350 million. As of October 25, 2011, we had no borrowings outstanding under the revolving credit facility and no outstanding letters of credit issued under the revolving credit facility. Please read Description of other indebtedness. |