Magnolia proposes $400M senior notes due 2032 to refinance 2026 notes; also amends credit facility

Magnolia Oil & Gas Corp

Issuers intend to offer $400M senior unsecured notes due 2032 in private placement.
Net proceeds will be used to repurchase and redeem all outstanding 6.00% Senior Notes due 2026.
Before closing notes offering, Magnolia Operating expects to amend credit facility to $1.5B commitments with $800M borrowing base.
Amended RBL facility matures Nov 13, 2029 or 91 days prior to 2026 notes maturity if ≥$50M outstanding; covenants include leverage ≤3.5x.
Notes offering exempt from registration; offered only to QIBs and non-U.S. persons under Rule 144A/Reg S.

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