Laredo Petroleum’s $1 Billion Senior Notes Offering

Paul Hastings LLP, a leading global law firm, advised BofA Securities, Wells Fargo Securities, BMO Capital Markets, Goldman Sachs & Co. LLC, Barclays and Capitol One Securities as joint book-running managers in the offering of $1 billion aggregate principal amount of senior notes by Laredo Petroleum, Inc. Akin Gump Strauss Hauer & Feld LLP advised Laredo Petroleum, Inc.

Laredo Petroleum, Inc. is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties, primarily in the Permian Basin of West Texas.

The offering included $600 million of 9.50% senior notes due 2025 and $400 million of 10.125% senior notes due 2028.

Laredo Petroleum used the net proceeds of the offering to refinance its $450 million in aggregate principal amount of 5 5/8% senior notes due 2022 and $350 million in aggregate principal amount of 6 1/4% senior notes due 2023 and for general corporate purposes, including repaying a portion of the borrowings outstanding under its senior secured credit facility.

As part of such refinancing, Paul Hastings represented BofA Securities, as the sole Dealer Manager, in connection with a cash tender offer and consent solicitation by Laredo Petroleum for 5 5/8% senior notes due 2022 and  6 1/4% senior notes due 2023.

The Paul Hastings team was led by Corporate partners Doug Getten (Picture) and Will Burns and associates Stephen Perry, James Edmonds and J.D. Hess.

The Akin Gump team included corporate partners Chris LaFollette, Chris Centrich, Chip Cowell and Eric Muñoz, senior counsel Alexandra Reuss, and counsel Paul Monsour and Kevin Schott as well as tax partner Jocelyn Tau.

Involved fees earner: Christopher Centrich – Akin Gump; Eugene Cowell – Akin Gump; Christine LaFollette – Akin Gump; Paul Monsour – Akin Gump; Eric Muñoz – Akin Gump; Alexandra Reuss – Akin Gump; Kevin Schott – Akin Gump; Jocelyn Tau – Akin Gump; Will Burns – Paul Hastings; James Edmonds – Paul Hastings; Doug Getten – Paul Hastings; J.D. Hess – Paul Hastings; Stephen Perry – Paul Hastings;

Law Firms: Akin Gump; Paul Hastings;

Clients: Bank of America Securities; Barclays Bank; BMO Capital Markets; Capital One Securities; Goldman Sachs & Co.; Laredo Petroleum Inc.; Wells Fargo Securities;

Author: Ambrogio Visconti