Milbank LLP advised the initial purchasers in connection with the $350 million offering of 5.500% senior notes due 2027 by GeoPark Limited and guaranteed by GeoPark Chile SpA and GeoPark Colombia S.L.U. GeoPark is a leading independent Latin American oil and gas explorer, operator and consolidator with assets and growth platforms in Colombia, Peru, Argentina, Brazil, Chile and Ecuador.
The proceeds from this offering will be used to finance the purchase price payable in connection with the acquisition of 100% of the shares of Amerisur Resources Ltd. for a total cash consideration of approximately £242 million and for general corporate purposes including capital expenditures. The Amerisur acquisition incorporates 13 production, development and exploration blocks in Colombia, including 12 operated blocks in the Putumayo basin and the non-operated CPO-5 block in the Llanos basin, the Oleoducto Binacional Amerisur (an export oil pipeline from Colombia to Ecuador), and valuable partnerships with Oxy and ONGC (the national oil company of India and operator of the CPO-5 block) and was approved by the UK courts on January 14, 2020.
The Milbank deal team was led by Marcelo Mottesi, head of Milbank’s Global Capital Markets practice and co-head of the firm’s Latin America Group, along with associates Gonzalo Guitart and Osvaldo Norte Sabino. The team also included Tax partner Andrew Walker and associate Benjamin Heller.
Mr. Mottesi said: “We are pleased to have represented the initial purchasers in this significant bond acquisition financing. This is a unique transaction because it contained a UK Takeover Compliant Bridge Loan Commitment in connection with the take-out bond offering.”
