EnVen Energy’s $325 Million High Yield Secured Bond Offering


Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with the debut high yield bond offering by Energy Ventures GoM LLC and EnVen Finance Corporation, each a subsidiary of EnVen Energy Corporation (“EnVen”), of $325 million aggregate principal amount of 11% Senior Secured Second Lien Notes due 2023 pursuant to Rule 144A and Regulation S.

The offering closed on February 15, 2018. EnVen intends to use the proceeds from the offering to repay all of its outstanding indebtedness under its second lien term loan facility and revolving credit facility. The remaining net proceeds will be used for general corporate purposes.

Simpson Thacher also represented Bank of Montreal, as administrative agent, in connection with the concurrent amendment of EnVen’s amended and restated credit agreement.

EnVen, headquartered in Houston, is an independent oil and natural gas company engaged in the development, exploitation and acquisition of primarily crude oil in the deepwater region of the U.S. Gulf of Mexico.

The Simpson Thacher team included David Azarkh (Picture), Matthew Levy, Robert Kelley and Remy Denner (Capital Markets); Richard Sitton and Michael Vacca (Credit); Michael Isby (Environmental); Nancy Mehlman and Sarah Katz (Tax); Larry Moss and Joo Hyun Lee (Executive Compensation and Employee Benefits); Lori Lesser and Kate Stein (Intellectual Property); Abram Ellis and Mark Skerry (Regulatory); Jon Pall (Collateral); and Jennie Getsin (Blue Sky).

Involved fees earner: David Azarkh – Simpson Thacher & Bartlett; Matthew Levy – Simpson Thacher & Bartlett; Robert Kelley – Simpson Thacher & Bartlett; Remy Denner – Simpson Thacher & Bartlett; Richard Sitton – Simpson Thacher & Bartlett; Michael Vacca – Simpson Thacher & Bartlett; Jonathan Pall – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Nancy Mehlman – Simpson Thacher & Bartlett; Sarah Katz – Simpson Thacher & Bartlett; Laurence Moss – Simpson Thacher & Bartlett; Joo Hyun Lee – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Kate Stein – Simpson Thacher & Bartlett; Abram Ellis – Simpson Thacher & Bartlett; Mark Skerry – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: JP Morgan Securities; Bank of Montreal;

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Author: Ambrogio Visconti