LONDON – Bracewell (UK) LLP represented Hillwood Energy in relation to the acquisition of Kerogen Investments No. 7 Limited’s interest in HKN Holding Ltd. The acquisition involved the payment of an up-front consideration of $80 million, with earn-out payments of up to $120 million. The acquisition was partially funded by the issuance of a new $100 million, 12.00% senior unsecured bond by HKN Energy III, Ltd which matures May 2025.
Following completion of the acquisition and a subsequent intra-group reorganization, HKN Energy, Ltd (which owns a 62 percent operated interest in the Sarsang PSC in the Kurdistan region of Iraq) will be a wholly owned subsidiary of Hillwood Energy.
Bracewell lawyers involved in the transaction include:
Partner: Ben James
Associates: Lauren Kelsall, Adam Waszkiewicz and Adam Quigley