Bracewell LLP represented Halcón Resources Corporation on the deal
Halcón Resources Corporation (NYSE:HK) has closed on the previously announced divestiture of all of its water infrastructure assets across the Delaware Basin to a subsidiary of WaterBridge Resources LLC for $200 million in cash.
In addition to the $200 million received today, the Company has an opportunity to earn potential incentive payments of up to $25.0 million per year for each of the next five years ($125 million total) subject to Halcón’s ability to meet certain annual incentive thresholds which will be driven by, among other things, the Company’s development program.
Upon closing of this sale, Halcón’s senior secured revolving borrowing base was increased to $275 million. As of September 30, 2018, pro forma for the $200 million in sale proceeds and undrawn revolver capacity, the Company had liquidity of $418 million.
Scotiabank and BMO Capital Markets advised Halcón on the divestiture of its water infrastructure assets.
Bracewell advised with a team including W. Cleland Dade (Picture), Lytch T. Gutmann, Daniel E. Hemli, Jason B. Hutt, Austin T. Lee, Elizabeth L. McGinley, Steven J. Lorch, Aaron P. Roffwarg, Dale D. Smith, Timothy A. Wilkins, Jacqueline R. Java, Tamara L. McKinzie, Caitlyn N. Dockendorf, Catherine B. Engell, Jay N. Larry and Kristen A. Wong.
Involved fees earner: Cleland Dade – Bracewell; Caitlyn Dockendorf – Bracewell; Catherine Engell – Bracewell; Lytch Gutmann – Bracewell; Daniel Hemli – Bracewell; Jason Hutt – Bracewell; Jacqueline Java – Bracewell; Jay Larry – Bracewell; Austin Lee – Bracewell; Steven Lorch – Bracewell; Elizabeth McGinley – Bracewell; Tamara McKinzie – Bracewell; Aaron Roffwarg – Bracewell; Dale Smith – Bracewell; Timothy Wilkins – Bracewell; Kristen Wong – Bracewell;
Law Firms: Bracewell;
Clients: Halcon Resources Corporation;