Continental Resources plans new term loan for buyout by founder

By Sara Rosenberg

New York, Oct. 17 – Continental Resources Inc. plans on getting a new term loan to help fund its acquisition by Omega Acquisition Inc., an entity owned by Continental’s founder, Harold G. Hamm, according to a news release.

Other funds for the transaction are expected to come from borrowings under the company’s existing revolving credit facility and cash on hand.

Under the agreement, Continental Resources is being bought for $74.28 per share.

Closing is anticipated by Dec. 31, subject to customary conditions.

Intrepid Partners LLC is acting as financial adviser to Hamm. Evercore is acting as financial adviser to the Continental Resources special committee.

Continental Resources is an Oklahoma City-based independent oil producer.

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