Photo: Mariana Grief/BloombergDavis Polk, Holland & Knight Represent Latin American Oil & Gas Firm GeoPark in $350M Offering
The deal will help finance the acquisition of assets in the hot Colombian energy market.
January 27, 2020 at 05:22 PM
2 minute read
Davis Polk & Wardwell and Holland & Knight have advised Latin American oil and gas firm GeoPark Limited on a $350 million issuance of notes to help finance the group's expansion in a sector that promises much business for lawyers this year.
GeoPark plans to use the proceeds to finance its acquisition of Amerisur Resources Plc., a U.K. company with 13 production, development and exploration blocks in Colombia. That acquisition closed Jan. 16.
"We expect a very busy 2020 for the oil and gas industry in Colombia due to several actions taken by the government last year to open up opportunities," said José Vicente Zapata, a Bogota-based partner with Holland & Knight who acted as Colombian counsel to GeoPark for the issuance.
After many years without auctions for oil and gas exploration and production, Colombia's National Hydrocarbons Agency has launched a bidding process to award 26 areas. Five offshore E&P agreements were also executed last year.
The power sector is in a similar situation, with eight new renewable energy projects recently awarded and the upcoming sale of Electricaribe, the biggest electricity supplier along the northern coast of Colombia.
Colombia is highly dependent on hydro-electric power, which leads to scarcity and price spikes during the country's dry season. Lawyers say there is a perception of political will at the moment to improve Colombia's electric supplies.
New York-based Davis Polk partner Maurice Blanco led the U.S. advisory team for GeoPark's Regulation S and Rule 144A offering. All told, nine law firms advised on different aspects of the financing, drawing counsel from Chile, Spain, Bermuda and for the initial purchasers.
Founded in 2002, GeoPark is an independent oil and natural gas exploration and production company with operations in Argentina, Brazil, Chile, Colombia, Ecuador and Peru.
GeoPark said total demand for the issuance exceeded $2 billion—more than six times the amount on offer. The notes are fully guaranteed by the company's Chile and Colombia units.
Citigroup and Itau BBA were initial purchasers of the issuance, counseled by New York-based Milbank partner Marcelo Mottesi.
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