Kosmos’ $550 Million Acquisition of Anadarko WCTP Company

Slaughter and May advised Kosmos Energy in the acquisition, while Davis Polk advised Kosmos Energy in the financing. Simpson Thacher represented the underwriters and initial purchasers.

Kosmos Energy Ltd completed its acquisition of Anadarko WCTP Company from Anadarko Offshore Holding Company LLC, a subsidiary of Occidental Petroleum Corp.

Kosmos, together with Occidental Petroleum and its other partners, holds participating interests in two offshore fields in Ghana, the Jubilee field and TEN fields. The acquisition of Anadarko WCTP resulted in Kosmos increasing its interests by 18.0% in the Jubilee field and 11.0% in the TEN fields. The purchase price for the acquisition was $550 million.

The financings included a bridge facility comprising $400 million aggregate principal amount of floating-rate notes due 2022, a $137 million SEC-registered underwritten offering of Kosmos common stock and a Rule 144A / Regulation S offering of $400 million aggregate principal amount of 7.750% senior notes due 2027. The proceeds from the offering of the 7.750% senior notes due 2027 were used to repurchase the floating-rate notes issued under the bridge facility.

Barclays Capital Inc., BofA Securities, Inc., Jefferies LLC, ING Financial Markets LLC , Natixis Securities Americas LLC, Credit Agricole Securities (USA) Inc., SG Americas Securities, LLC, The Standard Bank of South Africa Limited, Absa Securities U.S. Inc., Johnson Rice & Company L.L.C., MUFG Securities Americas Inc., and SMBC Nikko Securities America, Inc. acted as underwriters in the notes offering.

Kosmos is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Its key assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. Kosmos also maintains a sustainable proven basin exploration program in Equatorial Guinea, Ghana and the U.S. Gulf of Mexico.

The Slaughter and May team included Hywel Davies, Partner (Picture), Richard Smith, Partner, Aleezeh Liaqat, Associate, Sophie Winton, Associate (Corporate), Steven Galbraith, Partner, Susan Hughes, Partner, Adrian Barrus, Senior Counsel (Finance), William Watson, Partner, Charles Osborne, Associate, Kyle O’Sullivan, Associate (Tax).

The Davis Polk capital markets team included partner Byron B. Rooney, counsel John H. Runne and associates Alaael-Deen Shilleh, Joanna Sedlak and Marisa Rametta. The finance team included partner Meyer C. Dworkin and associate Christopher Nairn-Kim. Partner Po Sit and associate Ben Levenback provided tax advice. Counsel Sarah E. Kim provided 1940 Act advice.

The Simpson Thacher team included David Azarkh, Matt Hart, Stephen McNamara, Carlie Marks and Kaitlyn Posa (Capital Markets); Justin Lungstrum and Leah Nudelman (U.S. Banking & Credit); Shahpur Kabraji and Sophie Davies (U.K. Corporate); Michael Isby and Timothy Mulvihill (Environmental); Larry Moss and Joo Hyun Lee (Executive Compensation and Employee Benefits); Abram Ellis and Laurel Fresquez (Regulatory); Jonathan Cantor and Brian Mendick (Tax); and Jennie Getsin (Blue Sky).

Involved fees earner: Meyer Dworkin – Davis Polk & Wardwell; Sarah Kim – Davis Polk & Wardwell; Ben Levenback – Davis Polk & Wardwell; Christopher Nairn – Davis Polk & Wardwell; Marisa Rametta – Davis Polk & Wardwell; Byron Rooney – Davis Polk & Wardwell; John Runne – Davis Polk & Wardwell; Joanna Sedlak – Davis Polk & Wardwell; Alaael-Deen Shilleh – Davis Polk & Wardwell; Po Sit – Davis Polk & Wardwell; Stephen McNamara – Shearman & Sterling; David Azarkh – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Sophie Davies – Simpson Thacher & Bartlett; Abram Ellis – Simpson Thacher & Bartlett; Laurel Fresquez – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Matthew Hart – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Shahpur Kabraji – Simpson Thacher & Bartlett; Joo Hyun Lee – Simpson Thacher & Bartlett; Justin Lungstrum – Simpson Thacher & Bartlett; Carlie Marks – Simpson Thacher & Bartlett; Brian Mendick – Simpson Thacher & Bartlett; Laurence Moss – Simpson Thacher & Bartlett; Timothy Mulvihill – Simpson Thacher & Bartlett; Leah Nudelman – Simpson Thacher & Bartlett; Kaitlyn Posa – Simpson Thacher & Bartlett; Adrian Barrus – Slaughter and May; Hywel Davies – Slaughter and May; Steven Galbraith – Slaughter and May; Susan Hughes – Slaughter and May; Aleezeh Liaqat – Slaughter and May; Kyle O’Sullivan – Slaughter and May; Charles Osborne – Slaughter and May; Richard Smith – Slaughter and May; William Watson – Slaughter and May; Sophie Winton – Slaughter and May;

Law Firms: Davis Polk & Wardwell; Shearman & Sterling; Simpson Thacher & Bartlett; Slaughter and May;

Clients: Absa Bank Limited; Bank of America Securities; Barclays Capital ; Credit Agricole Securities (USA) Inc.; ING Financial Markets LLC; Jefferies; Johnson Rice & Company; Kosmos Energy Ltd.; MUFG Securities Americas Inc. ; Natixis Securities Americas; SG Americas Securities LLC; SMBC Nikko Securities America; The Standard Bank of South Africa Limited;