The Firm represented the underwriters, led by J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, in connection with three registered offerings that raised approximately $750 million for McMoRan Exploration Co., in November 2007. McMoran sold $300 million aggregate principal amount of its 11.875% Senior Notes due 2014, 2,587,500 shares of its 6.75% Mandatory Convertible Preferred Stock and 16,887,500 shares of its common stock.
McMoRan’s common stock is listed on the New York Stock Exchange under symbol “MMR,” and its Mandatory Convertible Preferred Stock is listed on the New York Stock Exchange under symbol “MMRPRM”.
In August 2007, the Firm also represented JPMorgan Chase Bank N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated and their affiliates in connection with an $800 million bridge loan to McMoRan Exploration Co. to finance its acquisition of certain Gulf of Mexico shelf properties from Newfield Exploration Company.
McMoRan Exploration Co. is a Louisiana-based oil and gas exploration company which focuses on identifying exploration opportunities with high potential, high risk drilling prospects in the Gulf of Mexico region.
The Simpson Thacher team for the transaction included Gary Sellers, Roxane Reardon, Mark Brod, David Dwyer, Carol Daniel, Mark Chorazak and Makiko Harunari (Capital Markets); Alan Brenner and former associate Joel Villaseca (Banking and Credit); Marcy Geller and Jason Vollbracht (Tax); Timothy Mulvihill (Environmental); Susan Kaufman and Jarrett Hoffman (Executive Compensation and Employee Benefits); Mark Lab (FINRA and blue sky); and Michael McLaughlin, Allen Gleckner and Corina Cristea (Paralegals).