...May 8, 2023 - Minnesota-based oil and gas exploration and production (E&P) company Northern Oil And Gas Inc. has launched an offering for $450 million of unsecured notes due 2031, which it intends to use proceeds from to repay a portion of the outstanding borrowings on its reserve-based lending (RBL) credit facility. - We assigned our 'B+' issue-level rating and '2' recovery rating to the new senior unsecured notes. The '2' recovery reflects our expectations for substantial (70%-90, rounded estimate: 70%) recovery to creditors in the event of a payment default. - At the same time, we revised our outlook on Northern to positive from stable and affirmed our 'B' issuer credit rating. - The positive outlook reflects our expectation that the company will sustain its current production levels, maintain funds from operations (FFO) to debt of well above 60%, and generate positive discretionary cash flow (DCF) over the next two years. NEW YORK (S&P Global Ratings) May 8, 2023--S&P Global Ratings...
