HSF, KWM, Skadden Advise as Santos Raises $2.5B
The Australian oil and gas explorer has moved to cut its debt load amidst a weakened commodities market.
November 09, 2015 at 10:26 PM
2 minute read
Herbert Smith Freehills is advising Australian energy company Santos Ltd. on two of three deals the company has undertaken to raise a total of $2.5 billion in new capital.
Adelaide-based Santos raised $1.8 billion through an entitlement offer to current shareholders, while issuing an additional $352 million worth of shares to Chinese private equity fund Hony Capital. The company also is selling its 35 percent stake in the Kipper gas field, off the coast of Victoria, to Mitsui E&P Australia Pty. Ltd. for $367 million.
The transactions are part of Santos' attempt to bring down its total debt load after plummeting commodity prices cut the company's stock price in half over the past year, according to The Wall Street Journal. The Journal reported that investors have been concerned about Santos' debt load, which is down to $4.4 billion following the share and stake sales, even as it continues to invest in its flagship $18.5 billion Gladstone vast liquefied-natural-gas project.
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