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Bonanza Creek Announces Transformative Agreement to Acquire Restructured HighPoint Resources

Vinson & Elkins advised Bonanza Creek Energy, Inc. in connection with a definitive merger agreement to acquire HighPoint Resources Corporation in a transaction valued at approximately $376 million as of November 6, 2020.

The transaction value is based on the equity to be issued to HighPoint equity holders, the equity and debt to be issued to HighPoint debt holders in connection with the Exchange Offer and the remaining debt to be assumed. Bonanza Creek will issue 9.8 million shares of common stock and up to $100 million in senior unsecured notes in the transaction. The transaction has been unanimously approved by the board of directors of each company. The strategic combination is expected to create the leading unconventional oil producer in rural Weld County.

The V&E M&A team was led by partners Shelley Barber and Robert Kimball with assistance from senior associate Doug Smith and associates KJ Pedersen and Ted Belden. Partner Paul Heath, senior associate Lauren Kanzer and associate Zack Paiva led the restructuring team. Partner David Stone and senior associate Joanna Enns are advising on the notes exchange.

Also advising are partners Jim Meyer and Wendy Salinas, senior associate Brian Russell and associate David Gilbert; partner Shane Tucker and senior associate Missy Spohn; partner Sean Becker and associate Peter Goetschel; partner Larry Nettles; partner Brett Santoli and senior associate Michael Makhotin; partner Suzanne Clevenger and counsel Damien Lyster; partner Darren Tucker and associate Ryan Will; partner Lawrence Elbaum; and senior associates Katherine Frank and associates Cameron Land, Claire Wenholz, Brett Peace and Nina Bhatia.

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