Northern Oil seeks consents for partial inducements amendment

Chicago, July 2 – Northern Oil and Gas, Inc. started a consent solicitation for its senior secured second-lien notes due 2023, according to a news release.

The company is seeking to amend the indenture to remove in its entirety the “no partial inducements” covenant and allow the company to offer consideration to any holder or group of noteholders as an inducement to any consent to amend the indenture without offering to pay such consideration to all holders of the notes.

The consent solicitation will expire at 5 p.m. ET on July 15.

The company needs a majority of noteholders to consent for the amendment to take effect.

A consent fee of $1.00 per $1,000 face amount of notes will be paid.

Ipreo LLC is working as the information agent and tabulation agent (888 593-9546, ipreo-consentSolicitation@ihsmarkit.com).

Northern Oil is a Minneapolis-based oil and gas exploration and production company focused on the Williston Basin Bakken and Three Forks play in North Dakota and Montana.

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