Wakefield Quin advises on $230M public offering on Euronext

Wakefield Quin has advised its long-standing client, Seacrest Petroleo Bermuda Limited (a Bermuda exempted Company), dually on the Bermuda aspects of its successful IPO and listing of its shares on the Oslo Børs market Euronext Expand and connected secured debt financing.

Seacrest Petroleo raised approximately $230m through the public offering and the Seacrest group raised approximately another $300m through secured debt financing.  The proceeds were used to acquire the Norte Capixaba cluster of oil fields in Espirito Santo, Brazil, from Petrobras.  As a result of the acquisition, Seacrest Petroleo and its group of companies is now the third largest onshore oil and gas producer in Brazil in terms of reserves and production.

ABG Sundal Collier and Pareto Securities acted as joint global coordinators and joint bookrunners, with SpareBank 1 Markets as joint bookrunner, and Banco BTG Pactual and Itau BBA. as international placement agents in the public offering.

Morgan Stanley was the lead arranger of the secured financing which included a syndicate of five lenders.

The Wakefield Quin team was led by Ian Stone with the assistance of Alexander Evans and Jemima Fearnside.