EV Energy Partners, L.P.’s Restructuring

Simpson Thacher represented JPMorgan Chase, as administrative agent for the lenders under EV Energy Partners, L.P.’s (NASDAQ: EVEP) reserve-based lending facility, in connection with EV Energy’s comprehensive restructuring.

Pursuant to a restructuring support agreement among EV Energy, approximately 94% of the RBL lenders (including the administrative agent) and holders of approximately 70% of EV Energy’s unsecured notes, RBL lenders voting to accept the proposed plan of reorganization will roll their existing exposure into an amended RBL facility with an initial borrowing base of $325 million. In addition to the amended RBL facility, the RSA contemplates a comprehensive restructuring of EV Energy’s capital structure, and will be implemented through a proposed pre-packaged plan of reorganization that will significantly deleverage EV Energy’s balance sheet. The restructuring expected to be completed before the end of the second quarter of 2018, subject to Bankruptcy Court approval and the satisfaction of certain conditions to the RSA, the amended RBL facility and related transactions.

EV Energy is a master limited partnership engaged in acquiring, producing and developing oil and natural gas properties.

The Simpson Thacher team includes Elisha Graff (Picture), Nicholas Baker and Lily Picon (Restructuring and Bankruptcy); Robert Rabalais, Richard Sitton and Peter Raish (Banking and Credit); and Nancy Mehlman and Jasmine Hay (Tax).

Involved fees earner: Elisha Graff – Simpson Thacher & Bartlett; Nicholas Baker – Simpson Thacher & Bartlett; Lily Picon – Simpson Thacher & Bartlett; Robert René Rabalais – Simpson Thacher & Bartlett; Richard Sitton – Simpson Thacher & Bartlett; Peter Raish – Simpson Thacher & Bartlett; Nancy Mehlman – Simpson Thacher & Bartlett; Jasmine Hay – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: JPMorgan Chase & Co.;

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Author: Ambrogio Visconti