U.S.-based oil and gas exploration and production (E&P) company Northern Oil and Gas Inc. entered into a first-lien credit facility agreement with TPG Specialty Lending Inc. consisting of an unrated new $300 million funded term loan and $100 million in delayed-draw term loans due 2022. A portion of the proceeds were used to repay borrowings under the company's revolving credit facility maturing in 2018, with the remainder for general corporate purposes. We are raising our corporate credit rating on Northern to 'CCC+' from 'CCC-', which reflects our assessment of the company's improving, but still weak financial measures and liquidity following the transaction. We are also raising the issue-level rating on the company's senior unsecured debt to 'CCC+' from 'CCC-' (recovery
