Mayer Brown represents New Gulf Resources, LLC on $500 million high yield offerings of senior secured and subordinated PIK toggle notes
6 June 2014
Mayer Brown, a leading global law firm, advised New Gulf Resources, LLC, an Oklahoma-based oil & gas exploration and production company, on concurrent private high-yield notes offerings of $365 million 11.75% senior secured notes due 2019 and $135 million subordinated payment-in-kind (PIK) toggle notes due 2019 with warrants. New Gulf Resources used the proceeds of the high yield bonds to acquire more than 80,000 acres of oil & gas properties in Texas. Global Hunter Securities and The Seaport Group acted as the placement agents in the offering.
The Mayer Brown team of lawyers on both matters included: Corporate & Securities partners Kirk Tucker, Harry Beaudry (both Houston) and John Berkery (New York) and associates Cynthia Mabry, John Furlow, Kristen Ford (all Houston) and Mandee Lee (New York); Banking & Finance partner Paul Astolfi and associate Robert O'Leary (both Chicago); Tax Transactions & Consulting partner Ed Osterberg (Houston); Employment & Benefits associate Elizabeth Dyer (Chicago); Government & Global Trade partner David Bloom (Washington DC); and Litigation & Dispute Resolution counsel Roger Patrick (Washington DC).