Simpson Thacher represented JPMorgan Chase Bank, N.A. as administrative agent under Halcón Resources Corporation’s (“Halcón”) pre-petition reserve-based credit facility in Halcón’s recently consummated chapter 11 bankruptcy case. Simpson Thacher also represented JPMorgan as administrative agent, joint lead arranger and joint bookrunner in connection with Halcón’s $600 million senior secured debtor-in-possession facility (the “DIP Credit Agreement”). Halcón filed for protection under Chapter 11 of the Bankruptcy code on July 28, 2016.
In connection with Halcón’s exit from Bankruptcy, Simpson Thacher also represented JPMorgan as administrative agent, joint lead arranger and joint bookrunner under Halcón’s $1.5 billion exit facility (the “Exit Credit Agreement”). The exit financing was effectuated through a plan of reorganization confirmed by the United States Bankruptcy Court for the District of Delaware on September 8, 2016 and was consummated upon Halcón’s exit from bankruptcy on September 9, 2016.
The DIP Credit Agreement refinanced Halcón’s pre-petition reserve-based credit facility and provided for a $600 million commitment to be used, among other things, to fund Halcón’s emergence from bankruptcy and provide general working capital during the bankruptcy. The Exit Credit Agreement refinanced Halcón’s DIP Credit Agreement and provides for a $600 million borrowing base to be used, among other things, to fund Halcón’s emergence from bankruptcy and provide general working capital.
Halcón is an independent oil and gas company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.
The Simpson Thacher team included Elisha Graff, Soogy Lee, Nick Baker and Lauren Finkelstein (Bankruptcy & Restructuring); Robert Rabalais, Richard Sitton, Erland Modesto, Nakita Cuttino and Jim Russell (Banking & Credit); Larry Moss and Alina Grinman (ERISA); and George Davis (Tax).