Advising on a US$520m placing and convertible bond offering by Hurricane Energy plc

04 Jul 2017

International law firm Simmons & Simmons is advising Cenkos and Stifel on a US$520m placing and convertible bond offering by Hurricane.

Hurricane, a UK-based oil and gas company which specialises in the exploration and exploitation of fractured basement reservoirs, announced on 29 June 2017 a proposed placing of new shares to raise gross proceeds of a minimum of US$300m at a price of 32 pence per share and a convertible bond offering to raise US$220m, subject to an additional US$10m over-allotment option.

The net proceeds of the fundraising will primarily be used by Hurricane to fund capital expenditure in relation to oil and gas assets on the UK Continental Shelf.

The firm provided a team of both equity and equity linked specialists to Cenkos and Stifel. This is a good example of the recently-expanded wider capital markets team advising together on a substantial fundraising involving different types of securities.

The Simmons & Simmons team advising the banks is, on the equity side, Chris Horton, Charles Hawes, Jim McInerney, Tom Burgoo, Ed Nisbet and Rory Page. The team, on the equity linked side, is Piers Summerfield, Jonathan Mellor, Tony Geffin and Leon Yap. The team also includes Nick Cronkshaw and Candice Nichol who provided tax advice and Adrian Nizzola and Simon Kenolty who provided specialist oil and gas advice.

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