Simpson Thacher Represents Initial Purchasers in Debut High-Yield Senior Notes Offering by Independence Energy
05.06.21
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Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with a debut high-yield 144A/Regulation S offering of $500 million aggregate principal amount of 7.25% Senior Notes due 2026 by Independence Energy Finance LLC, a wholly-owned subsidiary of Independence Energy LLC (“Independence Energy”). Independence Energy intends to use the net proceeds from the offering, together with its initial borrowings under its new reserves-based revolving credit facility, to repay outstanding borrowings under its existing credit facilities and to pay related fees and expenses.
Independence Energy is a diversified U.S. independent energy company with assets in key proven basins across the lower 48 states. Independence Energy has a cash flow-based investment mandate with a focus on operated working interests, and is complemented by non‐operated working interests, minerals and royalty interests, and midstream infrastructure, as well as an active risk management strategy and a strong focus on responsible investment practices. The management team of Independence Energy is employed by KKR through a management services agreement.
The Simpson Thacher team included David Azarkh, Tony Rim and Frances Fuqua (Capital Markets); Jonathan Goldstein and Scott Grundei (Tax); Genevieve Dorment and Kate Mirino (Intellectual Property); Jennifer Neilsson (Executive Compensation and Employee Benefits); Michael Isby (Environmental); Abram Ellis and Christine Tillema (Regulatory); and Jennie Getsin (Blue Sky).