Karoon Energy, through its subsidiary Karoon USA Finance, completed its debut offering of $350 million of senior secured notes due 2029. The proceeds from the offering will be used to repay the outstanding amount under Karoon’s reserve-based lending facility and for general corporate purposes.
The deal was the largest high-yield bond completed in 2024 to date by an Australia or New Zealand issuer and one of only six high-yield bonds completed in the region during this time, per LSEG.
Karoon is an international offshore upstream oil and gas production and exploration company headquartered in Melbourne, Australia with assets in Brazil and the United States.
S&C advised Deutsche Bank Securities and ING Bank as the initial purchasers of the offering.
The S&C team included Wally Jones, Chris Beatty, John Anselmi, Connor Schillerstrom and Taylor Apodaca. Jeff Hochberg, Saul Brander and Brett Greene advised on U.S. tax matters. Benjamin Kent advised on certain disclosure considerations. Matt Brennan advised on U.S. oil and gas regulatory disclosure. Koey Chan and Bebe Shing advised on Hong Kong investor notices.