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Energy & Utilities

Mayer Brown represents New Gulf Resources, LLC on $500 million high yield offerings of senior secured and subordinated PIK toggle notes

10 Jun 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.

Norton Rose Fulbright advises Lekoil Limited on US$37.7 million share placing

03 Jun 2014

Norton Rose Fulbright has advised Lekoil Limited, the AIM listed oil and gas exploration and development company with a focus on Nigeria and West Africa, in relation to the placing of 33,000,000 new Ordinary Shares at a price of 67.75 pence per Ordinary Share, raising gross proceeds of approximately $37.7 million (approximately £22.4 million net of expenses).

Herbert Smith Freehills advises MRC Global on SE Asia acquisition

03 Jun 2014

Herbert Smith Freehills has advised MRC Global Inc. on the acquisition of MSD Engineering Pte. Ltd. by its Singapore subsidiary MRC Transmark Pte.Ltd.

MSD Engineering is a major distributor and regional service provider of valve and valve automation solutions across Singapore, Brunei, China, Malaysia, Indonesia, Thailand, Vietnam and Taiwan.  The combined company will operate as MRC MSD Engineering, and serve oil and gas, petrochemical and other industrial sectors.

Ashurst advises Tethys Petroleum on capital raising

29 May 2014

Ashurst advised Tethys Petroleum, an oil and gas exploration and production company with assets in Central Asia and listed on LSE and on TSX, in relation to its capital raising to fund the continued development of its Kazakh shallow gas programme. Tethys Petroleum conditionally raised $15 million through the issue of 36,894,923 new ordinary shares to new and existing investors at 24p per share.

Ashurst advises Rockhopper Exploration plc on the proposed acquisition of Mediterranean Oil & Gas plc

28 May 2014

Ashurst is advising Rockhopper Exploration plc ("Rockhopper") on the proposed acquisition of the entire issued and to be issued ordinary share capital of Mediterranean Oil & Gas plc ("MOG"). The initial consideration offer of 6.5 pence per share, which is to be satisfied partly in cash and partly in Rockhopper shares values MOG at approximately £29.3 million.

Clifford Chance advises RheinEnergie on the Niehl 3 power plant project in Cologne

27 May 2014

Clifford Chance has advised RheinEnergie AG on the project agreements and financing for the upgrading and extension of the Niehl 3 combined cycle power plant in Cologne.

The EUR 202 million financing was arranged jointly by Helaba (as mandated lead arranger and agent), Commerzbank and NRW.BANK.

The new combined cycle block is due to become operational in 2016. It will have an output of 450 MW and will provide electricity to up to one million homes. The combined cycle (power/heat) will also provide up to 265 MW of heat.

Norton Rose Fulbright advises on UK shale-gas acquisition and AIM fundraising

21 May 2014

Global legal practice Norton Rose Fulbright has advised Egdon Resources plc on the acquisition of the shale-gas business and assets of Alkane Energy plc. The consideration for the acquisition is the issue of 40,000,000 new ordinary shares in Egdon.

The Norton Rose Fulbright team also advised Egdon on its institutional placing of 32,000,000 new ordinary shares and an open offer to shareholders of up to 3,033,663 new ordinary shares to raise up to £7 million.

Burges Salmon advises Good Energy on tidal energy project investment

20 May 2014

Burges Salmon has advised renewable electricity supplier Good Energy Group PLC on its first tidal energy project investment; the Tidal Lagoon in Swansea Bay, Wales.

It is anticipated that the Swansea Bay project being developed by Tidal Lagoon (Swansea Bay) Plc will deliver renewable power to approximately 155,000 homes in Swansea and will annually save the equivalent of 236,000 tonnes in carbon dioxide emissions.

Charles Russell advise NASDAQ listed Advanced Energy Industries Inc., (AEI) on its acquisition of HiTek Power Group

20 May 2014

The Charles Russell Technology team has advised Advanced Energy Industries Inc., (a global leader in innovative power and control technologies used in thin-film plasma manufacturing processes and solar energy generation) on its acquisition of Hi Tek Power Group (HiTek). HiTek is a privately-held provider of high voltage power solutions based in the United Kingdom, offering a comprehensive portfolio of high voltage and custom built power conversion products ranging from 100V to 500kV designed to meet the demanding requirements of OEMs worldwide.