The carrying amount of the Company’s long-term debt reported in the Consolidated Balance Sheets at December 31, 2021 is $392.5 million, which includes $400.0 million of senior unsecured notes and no borrowings under the Oasis Credit Facility. The fair value of the Oasis Senior Notes, which are publicly traded among qualified institutional investors and represent a Level 1 fair value measurement, was $419.0 million at December 31, 2021. The Oasis Credit Facility matures in 2024 and the Oasis Senior Notes mature in 2026. The Company does not have any other debt maturities within the five years ending December 31, 2026.

The Company has the Oasis Credit Facility, which has a maturity date of May 19, 2024. As of December 31, 2021, the Oasis Credit Facility has an overall senior secured line of credit of $1,500.0 million, a borrowing base of $900.0 million and an aggregate amount of elected commitments of $450.0 million. The Oasis Credit Facility is restricted to a borrowing base, which is reserve-based and subject to semi-annual redeterminations on April 1 and October 1 of each year, with one interim “wildcard” redetermination available to each of the Company and the administrative agent between scheduled redeterminations during any 12-month period. The next scheduled redetermination will be on or around April 1, 2022.

A portion of the Oasis Credit Facility, in an aggregate amount not to exceed $100.0 million, may be used for the issuance of letters of credit. Additionally, the Oasis Credit Facility provides the ability for the Company to request swingline loans subject to a swingline loans sublimit of $50.0 million.

Borrowings under the Oasis Credit Facility are collateralized by perfected first priority liens and security interests on substantially all of the Credit Parties’ assets, including mortgage liens on oil and gas properties having at least 90% of the reserve value as determined by reserve reports.

Borrowings under the Oasis Credit Facility are subject to varying rates of interest based on (i) the total outstanding borrowings (including the value of all outstanding letters of credit) in relation to the borrowing base and (ii) whether the loan is a LIBOR loan (defined in the Oasis Credit Facility as a Eurodollar loan) or a domestic bank prime interest rate loan (defined in the Oasis Credit Facility as an Alternate Based Rate or “ABR” loan). As of December 31, 2021, any outstanding Eurodollar and ABR loans would have borne their respective interest rates plus the applicable margin indicated in the following table:


Total Commitment Utilization Percentage	Applicable Margin for Eurodollar Loans		Applicable Margin for ABR Loans
Less than 25%	3.00	%	2.00	%
Greater than or equal to 25% but less than 50%	3.25	%	2.25	%
Greater than or equal to 50% but less than 75%	3.50	%	2.50	%
Greater than or equal to 75% but less than 90%	3.75	%	2.75	%
Greater than or equal to 90%	4.00	%	3.00	%

A loan may be repaid at any time before the scheduled maturity of the Oasis Credit Facility upon the Company providing advance notification to the lenders. Interest is paid quarterly on ABR loans based on the number of days an ABR loan is outstanding as of the last business day in March, June, September and December. The Company has the option to convert an ABR loan to a Eurodollar loan upon providing advance notification to the lenders. The minimum available loan term is one month and the maximum available loan term is six months for Eurodollar loans (or 12 months with the consent of each leader). Interest for Eurodollar loan is paid at the end of the applicable interest period for each loan or every three months for Eurodollar loans that have loan terms greater than three months. At the end of a Eurodollar loan term, the Oasis Credit Facility allows the Company to elect to repay the borrowing, continue a Eurodollar loan with the same or differing loan term or convert the borrowing to an ABR loan.

On a quarterly basis, the Company also pays a commitment fee of 0.5% on the average amount of borrowing base capacity not utilized during the quarter and fees calculated on the average amount of letter of credit balances outstanding during the quarter. Solely for purposes of calculating the commitment fee, swingline loans will not be deemed to be a utilization of the Company’s commitments.

The Oasis Credit Facility contains customary affirmative and negative covenants, including, among other things, as to compliance with laws (including environmental laws and anti-corruption laws), delivery of quarterly and annual financial statements, conduct of business, maintenance of property, maintenance of insurance, restrictions on the incurrence of liens, indebtedness, investments, asset dispositions, fundamental changes, restricted payments, transactions with affiliates, and other customary covenants.

The Oasis Credit Facility contains customary events of default, as well as cross-default provisions with other indebtedness of OPNA and the restricted subsidiaries under the Oasis Credit Facility. If an event of default occurs and is continuing, the lenders may declare all amounts outstanding under the Oasis Credit Facility to be immediately due and payable.

At December 31, 2021, the Company had no borrowings outstanding and $2.4 million of outstanding letters of credit issued under the Oasis Credit Facility, resulting in an unused borrowing capacity of $447.6 million. At December 31, 2020, the Company had $260.0 million of borrowings outstanding and $6.8 million of outstanding letters of credit issued under the Oasis Credit Facility. For the year ended December 31, 2021 (Successor), the weighted average interest rate incurred on borrowings under the Oasis Credit Facility was 4.2%, compared to 3.6% for the period from January 1, 2020 through November 19, 2020 (Predecessor) and 4.6% for the period from November 20, 2020 through December 31, 2020 (Successor). The Company was in compliance with the financial covenants under the Oasis Credit Facility at December 31, 2021.

On June 9, 2021, the Company issued in a private placement $400.0 million of 6.375% senior unsecured notes due June 1, 2026 (the “Oasis Senior Notes”). The Oasis Senior Notes were issued at par and resulted in net proceeds of $391.6 million, after deducting the underwriters’ discounts, commissions and other expenses. The proceeds were used to fund a portion of the consideration for the Williston Basin Acquisition (see Note 13 – Acquisitions and Divestitures).

Interest on the Oasis Senior Notes is payable semi-annually on June 1 and December 1 of each year. The Oasis Senior Notes are guaranteed on a senior unsecured basis by the Company, along with its wholly-owned subsidiaries (the “Oasis Guarantors”). These guarantees are full and unconditional and joint and several among the Oasis Guarantors, subject to certain customary release provisions. The indentures governing the Oasis Senior Notes contain customary events of default. In addition, the indenture governing the Oasis Senior Notes contains cross-default provisions with other indebtedness of Oasis and its restricted subsidiaries.

The indentures governing the Oasis Senior Notes restrict the Company’s ability and the ability of certain of its subsidiaries to, among other things: (i) make investments; (ii) incur additional indebtedness or issue preferred stock; (iii) create liens; (iv) sell assets; (v) enter into agreements that restrict dividends or other payments by restricted subsidiaries; (vi) consolidate, merge or transfer all or substantially all of the Company’s assets with another company; (vii) enter into transactions with affiliates; (viii) pay dividends or make other distributions on capital stock or prepay subordinated indebtedness; and (ix) create unrestricted subsidiaries. These covenants are subject to a number of important exceptions and qualifications. If at any time when the Oasis Senior Notes are rated investment grade by two out of the three rating agencies and no default (as defined in the indentures) has occurred and is continuing, many of such covenants will terminate and the Company will cease to be subject to such covenants. The Company was in compliance with the terms of the indentures for the Oasis Senior Notes as of December 31, 2021.

On May 3, 2021, the Company entered into a commitment letter to provide for a senior secured second lien facility and incurred a fee of $7.8 million, which was recorded to interest expense on the Company’s Consolidated Statement of Operations for the year ended December 31, 2021. The senior secured second lien facility was terminated prior to being drawn.

OMP’s long-term debt consisted of the OMP Credit Facility and OMP Senior Notes (each defined below). The Company classified OMP’s long-term debt as held for sale in the Consolidated Balance Sheets at December 31, 2021 and 2020. See Note 6—Discontinued Operations.

OMP Credit Facility. OMP had a senior secured revolving credit facility (the “OMP Credit Facility”). At December 31, 2021, there were $203.0 million of borrowings outstanding and $5.5 million of outstanding letters of credit issued under the OMP Credit Facility. At December 31, 2020, there were $450.0 million of borrowings outstanding and no outstanding letters of credit issued under the OMP Credit Facility. OMP was in compliance with the financial covenants under the OMP Credit Facility at December 31, 2021. The OMP Credit Facility was paid in full by Crestwood in connection with the closing of the OMP Merger.

OMP Senior Notes. On March 30, 2021, OMP issued in a private placement $450.0 million of 8.00% senior unsecured notes due April 1, 2029 (the “OMP Senior Notes”). The OMP Senior Notes were issued at par and resulted in net proceeds of $440.1 million. Interest on the OMP Senior Notes is payable semi-annually on April 1 and October 1 of each year. The OMP Senior Notes were assumed by Crestwood in connection with the closing of the OMP Merger.