Simpson Thacher is representing Barclays Bank PLC, as lead arranger, in connection with $2 billion in bridge financing for WPX Energy, Inc.’s proposed acquisition of privately held RKI Exploration & Production, LLC for $2.75 billion in cash and equity, less the amount of RKI’s outstanding debt. Simpson Thacher is also representing Wells Fargo Securities LLC and Barclays, as lead arrangers, in connection with certain amendments to WPX’s senior unsecured revolving credit facility.
WPX is an independent oil and natural gas exploration and production company engaged in the exploitation and development of lifelong unconventional properties, with concentrations in the Willison Basin in North Dakota, the San Juan Basin in New Mexico and Colorado, and the Piceance Basin in Colorado. RKI is a privately held oil and natural gas exploration and production company concentrated primarily in the Delaware Basin, which spans parts of New Mexico and Texas.
The Simpson Thacher team includes Robert Rabalais, Matthew Einbinder, Jason Hwang and Sarah Elliott (Banking and Credit); and Kenneth Wallach, Brian Rosenzweig, John O’Connell and Karen McClendon (Capital Markets).