Riviera Resources’ Common Stock Offering

Davis Polk advised the sole dealer manager in connection with a cash tender offer by Riviera Resources, Inc. for 2,666,666 shares of its common stock at a purchase price of $15.00 per share, for an aggregate purchase price of approximately $40 million.

Riviera Resources, Inc. is an independent oil and natural gas company with a strategic focus on efficiently operating its mature low-decline assets, developing its growth-oriented assets, and returning capital to its stockholders. Riviera’s properties are located in the Hugoton Basin, East Texas, North Louisiana, the Uinta Basin and Mid-Continent regions. Riviera also owns Blue Mountain Midstream LLC, a midstream company centered in the core of the Merge play in the Anadarko Basin.

Citigroup Global Markets Inc. acted as dealer manager on the deal.

The Davis Polk corporate team included partner Marcel Fausten (Picture) and associates Rahim Manji and Amy Mao. Partner Rachel D. Kleinberg and associate Summer Xia provided tax advice.

Involved fees earner: Marcel Fausten – Davis Polk & Wardwell; Rachel Kleinberg – Davis Polk & Wardwell; Rahim Manji – Davis Polk & Wardwell; Amy Mao – Davis Polk & Wardwell; Summer Xia – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Citigroup Global Markets Ltd;

Author: Ambrogio Visconti