Simpson Thacher represented the initial purchasers led by BofA Securities, Inc. in connection with the offering of $400 million aggregate principal amount of 7.125% senior notes due 2031 by Kraken Oil & Gas Partners LLC (“Kraken”).
Kraken intends to use the net proceeds from the offering to repay a portion of the outstanding borrowings under its revolving credit facility.
Kraken is a private exploration and production company formed in 2012 to focus on drilling and development opportunities in the Williston Basin, primarily in the prolific Bakken formation.
The Simpson Thacher team included Brian Rosenzweig, David Azarkh, Maggie Selbe, Suzannah Ranzo and Owen Harrison (Capital Markets); Michael Mann and Jiha Min (Tax); Paige Brinton (Intellectual Property); Michael Isby (Environmental); George Gerstein (Executive Compensation and Employee Benefits); and Jennie Getsin (Blue Sky).