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Ithaca Energy Receives RBL Facility Commitments and Prices Offering of Senior Notes

Vinson & Elkins Advises Initial Purchasers in Connection With Ithaca Energy’s $625M Senior Notes Offering Background Image

Vinson & Elkins advised the initial purchasers in connection with Ithaca Energy’s (the “Issuer”) offering of $625 million aggregate principal amount of 9.000% senior notes due 2026 (the “Notes”).

Proceeds from the Notes will be used together with drawings under the Issuer’s amended and restated Reserves Based Lending Facility to (i) redeem in full the Issuer’s existing 9.375% senior notes due 2024, (ii) make a partial repayment of the Issuer’s subordinated shareholder loan and (iii) pay underwriting fees, commissions, discounts and other transaction costs and professional fees in connection with, or related to, the transactions. The Notes will be the general senior obligations of the Issuer and will be guaranteed on a senior basis by the Issuer’s direct parent and on a senior subordinated basis by certain of such parent’s subsidiaries.

Ithaca Energy is an oil and gas operator focused on North Sea production, appraisal and development activities.

The Vinson & Elkins corporate team was led by partner Noel Hughes with assistance from associates Chris Hesford and Anu Akinbamidele and trainee solicitors Adam Fenby and Adair Cook. Tax advice was led by partners Wendy Salinas and Lina Dimachkieh, with assistance from senior associate Byul Han and associates Simrita Chadha and Lauren Nieman.

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