Slaughter and May advised Kosmos Energy Ltd on its acquisition of Anadarko WCTP Company from Anadarko Offshore Holding Company LLC, a subsidiary of Occidental Petroleum Corp. Kosmos is a full-cycle deepwater independent oil and gas exploration and production company, and is listed on the NYSE and the LSE.
Kosmos, together with Occidental Petroleum and its other partners, holds participating interests in two offshore fields in Ghana, the Jubilee field and TEN fields. The acquisition of Anadarko WCTP resulted in Kosmos increasing its interests by 18.0% in the Jubilee field and 11.0% in the TEN fields. The purchase price for the acquisition was $550 million.
The acquisition was financed through a $400 million bridge loan from Barclays and Standard Chartered Bank and available liquidity. Following completion, Kosmos announced that it has launched a public offering of its common stock and will use some of the proceeds to repay a portion of the acquisition borrowings. The shares issued pursuant to the public offering will be listed on the NYSE and the LSE. Davis Polk & Wardwell advised Kosmos on the U.S. aspects of its financing arrangements.