Northern Oil Gas Inc. Downgraded To #SD# From #CC# On Distressed Note Unsecured Debt Rating Lowered To #D#

Stocks and Financial Services Press Releases Thursday May 17, 2018 09:18
DALLAS--17 May--S&P Global Ratings

DALLAS (S&P Global Ratings) May 16, 2018--S&P Global Ratings today lowered its corporate credit rating on Northern Oil & Gas Inc. to 'SD' (selective default) from 'CC'. At the same time, we lowered the issue-level rating on the company's senior unsecured debt to 'D' from 'CC'.

We will review our recovery ratings on the company's debt, including recovery ratings, when we view the likelihood of further exchanges to be low. The downgrade follows the announcement by Northern Oil & Gas that it has completed its exchange, which includes the exchange of about $500 million in unsecured debt for new second-lien secured notes and equity.

We view the exchange as distressed given that the maturity was extended on the new second-lien notes from what was originally promised on the senior unsecured notes.

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