Continental Resources $1.5 billion notes offering and concurrent tender offers

Davis Polk advised the representative of the initial purchasers on a Rule 144A/Regulation S offering by Continental Resources, Inc. of $1.5 billion aggregate principal amount of its 5.750% senior notes due 2031 and as dealer manager in connection with concurrent cash tender offers by Continental Resources to purchase up to approximately $1.27 billion aggregate principal amount of its outstanding 5.000% senior notes due 2022 and 4.500% senior notes due 2023, subject to a limit of $800 million aggregate principal amount of the 2023 Notes that may be purchased in the tender offers. The concurrent cash tender offers were funded with the proceeds of the notes offering.

Continental Resources is a top 10 independent oil producer in the U.S. Based in Oklahoma City, Continental is the largest leaseholder and the largest producer in the nation’s premier oil field, the Bakken play of North Dakota and Montana. Continental Resources also has significant positions in Oklahoma, including its SCOOP Woodford and SCOOP Springer discoveries and the STACK plays.

The Davis Polk corporate team included partner Derek Dostal and associates Jennifer Ying Lan, David D. Kim, Francisco J. Cespedosa and Marisa Elena Bannon. Partner Po Sit and associate Joseph M. Gerstel provided tax advice. Counsel Loyti Cheng and associate Michael Comstock provided environmental advice. Counsel Charles Shi provided ERISA advice. Members of the Davis Polk team are based in the New York and Madrid offices.