Linn, Quantum Energy Tie Up to Buy Oil and Gas Assets
Private equity firm Quantum Energy Partners will invest up to $1 billion in a new entity for acquisition and development of oil and gas assets that will be managed by Linn Energy LLC. Linn will be able to take a 15-50 percent direct working interest in the acquired assets, the two companies said in a joint statement on Monday. Linn's shares rose 4.5 percent in premarket trading, while its unit LinnCo LLC's shares were up 6.5 percent. The deal comes two months after Linn received funding of up to $500 million from GSO Capital Partners LP, a unit of Blackstone Group LP. Linn, like other oil and gas companies, has been struggling to cope with a 50 percent fall in crude oil prices since June. In response to weak prices, Linn cut its annual payout by more than half in January.
OSG Withdraws Authorization to Sell Assets
On February 4, 2014, Euronav announced that it had formed a joint venture with GSO Capital Partners LP (GSO) for the purpose of potentially purchasing some vessels from certain subsidiaries of Overseas Shipholding Group (OSG) who are currently in bankruptcy proceedings under Chapter 11 of the United States Bankruptcy Code. On 12 February 2014, OSG made a filing announcing that its debtors entered into an agreement in which they confirmed that debtors will withdraw their previously…
Euronav Completes Maersk VLCC Financing
In early January 2014, Euronav announced the acquisition of 15 Very Large Crude Carriers (VLCC) from Maersk Tankers Singapore Pte Ltd. for a total acquisition price of $980 million (USD), the executive committee of Euronav NV now announce that it has issued a $235 million seven-year bond to the same investors who participated in the capital increase of January 13, 2014, and it has signed a commitment letter for a $500 million senior secured credit facility with DNB Bank ASA, Nordea Bank Norge ASA and Skandinaviska Enskilda Banken AB (SEB).
