© 2015 The Texas Lawbook.
By Natalie Posgate
(March 31) – Washington, D.C.-based EIG Global Energy Partners announced Tuesday that it has agreed to commit a $1 billion strategic investment to Los Angeles-based Breitburn Energy Partners that will likely help the independent oil and gas company repay borrowings under its credit facility.
Vinson & Elkins represented Breitburn, with Dallas partner Robert Kimball and New York partners Shelley Barber and David Wicklund leading the corporate team. They received assistance from partners Brett Santoli and Tzvi Werzberger and associates Jessica Bennett, Lee Davis, Stancell Haigwood, Sunjung Kim, Rachel Packer and Frankie Shulkin, who are all based in either New York or Washington, D.C.
V&E’s tax team included Houston partners Ryan Carney and Judy Blissard, associate James Melchers and Washington, D.C. partner Joe Garcia.
EIG hired Houston corporate partners John Pitts and Mary Kogut of Kirkland & Ellis to lead its end of the deal. They received assistance from Houston partners Will Bos and Andrew Calder, as well as a few of the firm’s New York-based attorneys.
EIG associate counsel of transactions Amy Springs, who is based in Houston, also worked on the deal. Before joining EIG, Spring was the associate general counsel at AIG Investments. Before that, she was a transactional associate in V&E’s Houston office.
In the $1 billion transaction, Breitburn will sell $350 million of perpetual convertible preferred units and $650 million of senior secured notes in simultaneous private offerings to investment funds managed by EIG and other purchasers.
The investment is expected to close on April 8. In return for the investment, Breitburn has agreed to appoint EIG Vice Chairman Kurt Talbot to Breitburn’s board of directors upon completion of the transactions.
Jeffries LLC served as lead placement agent and sole financial advisor to Breitburn. Credit Suisse served as EIG’s financial advisor.
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