Northern Oil and Gas signs $1.6 billion credit facility maturing November 2030
Northern Oil and Gas entered a Fourth Amended and Restated Credit Agreement with Wells Fargo as administrative agent, replacing its prior revolving credit facility from June 7, 2022. The facility has an initial elected commitment of $1.6 billion, a borrowing base of $1.8 billion, and a November 5, 2030 maturity, and is secured by mortgages on at least 85% of the value of proven reserves. The filing describes this as a refinancing of existing borrowing capacity rather than a change in results, but the updated covenants and collateral terms apply to shareholders' company going forward.
Key points
- Initial elected commitment of $1.6 billion; initial borrowing base of $1.8 billion, redetermined semiannually around April 1 and October 1
- Matures November 5, 2030, replacing the facility entered into June 7, 2022
- Interest at base rate or SOFR plus margins of 175 to 275 basis points for SOFR loans, depending on utilization
- Financial covenants include a maximum net debt to EBITDAX ratio of 3.50 to 1.00 and a minimum current ratio of 1.00 to 1.00
The filing
Written by AI on Nov 8, 2026, 6:56 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 10, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.