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The Firm represented Fieldwood Energy LLC, a portfolio company of Riverstone Holdings LLC, in connection with a multi-pronged refinancing transaction. The transaction included a new first-lien term loan that refinanced the funded debt under Fieldwood’s reserve-based revolver, which was also amended to postpone future borrowing base redeterminations and to modify the financial covenant. Holders of Fieldwood’s existing second lien term loans that participated in the new first-lien term loan were given the option to exchange a specified amount of their second lien debt into a new last-out, first-lien term loan facility. In connection with the foregoing transactions, affiliates of Riverstone also participated in a tender offer for a portion of Fieldwood’s remaining second lien term loans and put in place an unfunded second lien term loan facility providing for the deferral of any future interest payments, subject to certain conditions. 

Fieldwood is focused on the exploration and development of oil and gas assets, primarily in the Gulf of Mexico and Gulf Coast regions, and is the largest operator in the Gulf of Mexico, owning an interest in approximately 500 leases covering over two million gross acres with 1,000 wells and 750 employees.

The Simpson Thacher team was led by Christopher Brown, Robert Rabalais, Brian Minyard, Richard Sitton, James Doyle, Michael Vernace, Brandan Still, Jim Russell, Tracy Ke and Jacqueline Yuan (Banking and Credit); and Sophie Staples (Tax).