Wayzata-based Northern Oil and Gas late last week reported that within the last year it has made more than $500 million in acquisitions, vastly improved its credit metrics and improved its share price with financial support from TPG Sixth Street Partners.

That progress was revealed in an announcement about the company obtaining a new $750 million secured credit facility, in part to repay funds provided by TPG. With Royal Bank of Canada as administrative agent, the financing is provided by a syndicate of lenders including RBC Capital Markets, ABN AMRO, Capital One, Citizens Bank and Wells Fargo Securities.

The new credit facility matures in October 2023 and provides Norther with an initial borrowing base of $425 million, with the next redetermination scheduled for April 1, 2019. Northern has drawn $50 million of borrowings at closing and applied a portion of the initial proceeds, together with the net proceeds of its previously announced offering of senior secured second lien notes, towards the repayment and retirement of its term loan credit facility led by TPG .

Northern Oil and Gas, Inc. is an exploration and production company with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana.