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Oasis Midstream Partners Completes Acquisition of Midstream Interests from Oasis Petroleum and IDR Elimination
HOUSTON, March 30, 2021 /PRNewswire/ -- Oasis Midstream Partners LP (Nasdaq: OMP) (the "Partnership" or "OMP") successfully closed the acquisition of all
About this update from Chord Energy Corporation
[{"type":"text","content":"HOUSTON, March 30, 2021 /PRNewswire/ -- Oasis Midstream Partners LP (Nasdaq: OMP) (the \"Partnership\" or \"OMP\") successfully closed the acquisition of all remaining interests in Bobcat DevCo LLC (\"Bobcat DevCo\") and Beartooth DevCo LLC (\"Beartooth DevCo\") from Oasis Petroleum Inc. (Nasdaq: OAS) (\"Oasis\") as well as eliminated the Partnership's incentive distribution rights (\"IDRs\") in exchange for $231.5 million cash and 14.8 million units for total consideration of approximately $512.5 million based on OMP's 20 day volume weighted average price ending on March 19, 2021 (the \"Simplification\"). The Simplification also includes a right of first refusal in favor of OMP with respect to midstream opportunities in the Painted Woods and City of Williston operating areas of Oasis. Closing occurred on Tuesday, March 30, 2021. Upon closing, OMP's interest in Bobcat DevCo increased to 100% from 35.3%, OMP's interest in Beartooth DevCo increased to 100% from 70%, and all IDRs were eliminated from OMP's capital structure.\nAdditionally, on March 30, 2021, OMP successfully closed its private placement to eligible purchasers of $450 million in aggregate principal amount of 8.00% senior unsecured notes due 2029 (the \"Notes Offering\").\nOf the total $512.5 million purchase consideration, $231.5 million was financed by the Notes Offering. The remaining amount was funded through the issuance of 14,800,000 common units, 1,850,356 of which were issued to the holders of Class A and Class B Units representing membership interests in OMP GP LLC with the remaining 12,949,644 common units issued directly to OMS Holdings LLC. \n\"We are pleased to announce the successful closing of OMP's previously announced purchase of the remaining interest in Bobcat DevCo and Beartooth DevCo, as well as the simplification of its financial structure,\" said Taylor Reid, Chief Executive Officer of OMP. \"This accretive transaction enhances our scale and strengthens OMP's attractive position in the core of the Williston Basin. OMP is uniquely positioned to benefit from Oasis's development program and capture additional third party business. Volumes from both Oasis and third parties provide a solid foundation through 2021 and beyond. This transaction is extremely attractive for our investors by allowing OMP to increase its scale in an accretive manner, while...