Northern Oil And Gas Drops 7%; To Offer $350 Mln Of Senior Notes

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Shares of Northern Oil and Gas, Inc. (NOG) are falling more than 7% at $30.29.

The company today announced its intention to offer $350 million aggregate principal amount of convertible senior notes due 2029.

NOG plans to use a portion of the net proceeds from this offering to fund the cost of entering into certain capped call transactions, $25 million to $30 million to buy back shares, and the remaining for general corporate purposes.

Separately, the company said it has agreed to acquire certain non-operated interests in the Delaware Basin from a private seller for $130 million to be paid in cash.

NOG has traded in the range of $17.52-$39.10 in the last 1 year.

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