Simpson Thacher advised the ABS purchasers in connection with the $580 million inaugural upstream PDP ABS issuance for Hibernia Resources IV, LLC, a portfolio company of NGP Energy Capital Management.
This landmark transaction represents a first-of-its kind Upstream PDP issuance backed by newly-drilled unconventional operated oil wells, serving to widen the aperture of securitization applicability across the upstream sector.
The Simpson Thacher team included Niels Jensen, Richie Ragusa, Jeffrey Kim and Elena Kang (Structured Finance); Katy Lukaszewski, John Brannan and Adam Danciu (M&A); Jonathan Pall (Collateral); Jonathan Cantor, Michael Mann, TK Lee and Heesang Yeo (Tax); and Erica Rozow, Pasco Struhs, George Gerstein, Alexander Kharash and Christopher Torikoglu (Executive Compensation; Employee Benefits); Abram Ellis and Claire Cahoon (Regulatory).