Latham & Watkins Advises the Initial Purchasers in Colgate Energy’s Upsized US$500 Million Private Placement of Senior Notes

Colgate Energy Partners III, LLC has announced the pricing of its private placement to eligible purchasers of new 5.875% senior unsecured notes due 2029 in the aggregate principal amount of US$500 million, which was increased from the originally proposed US$400 million offering. The notes were sold at par. The offering is expected to close on June 30, 2021, subject to customary closing conditions. Colgate intends to use the net proceeds from this offering to fund a portion of the recently announced acquisition of certain assets of Occidental in Reeves and Ward Counties, and to pay related fees and other expenses.

Latham & Watkins LLP represents the initial purchasers in the offering with a corporate deal team led by Houston partners Michael Chambers, David Miller, and Trevor Lavelle, with Houston associates Madeleine Neet, Paul Robe, Jacob Weiner, and Austin Sheehy. Advice was also provided on tax matters by Houston partner Bryant Lee, with Houston associate Dominick Constantino; and on environmental matters by Houston partner Joel Mack and Los Angeles counsel Joshua Marnitz.