Deep industry insight
S&C has significant and varied experience advising clients in the natural resources sector. We have experience advising companies across the full oil and gas value chain, including in the LNG space, and major and junior mining and metals companies on strategically important finance matters. We also work with companies who have strategic interests in these areas, including private equity players and commercial lenders.
Ability to work across different products
Members of our financing teams do not specialize in only one type of product or debt transaction, but instead are able to work on debt instruments across the capital structure, from senior secured ABL and other revolving credit facilities to subordinated notes. We believe this ability to work across products allows us to see issues across the capital structure and be more efficient in negotiating and executing financing transactions.
Full-service finance practice
Further to our ability to advise on all debt products, we have helped our clients with a variety of finance matters through every twist in the market. This includes transactions to raise additional capital, acquisition financings, recapitalizations, restructurings and workouts. With decades of experience in these sectors, and guided by our client's commercial objectives, we have developed solutions for our clients even under the most challenging market conditions.
SELECTED REPRESENTATIONSS&C’s experience advising on finance matters in the natural resources industries includes advising on the following significant transactions:
- Andeavor (U.S.) in $4.1 billion of debt financing (bank and bond) for its acquisition of Western Refining.
- Ascent Resources Utica Holdings, LLC (ARUH)/Ascent Resources, LLC (U.S.) in its $1.5 billion senior secured revolving credit facility.
- Baffinland Iron Mines Corporation (Canada) in its $45 million super-senior revolving credit facility that is secured on a first-out, pari passu lien basis.
- Barrick Gold Corporation (Canada) in its $6.5 billion bridge loan and revolving credit facility commitments in connection with its C$7.3 billion acquisition of Equinox Minerals Limited.
- BHP Billiton (Australia) in its $7.5 billion credit facility in connection with its $15.1 billion acquisition of Petrohawk Energy Corporation.
- California Resources Corp. (U.S.) in a series of liability management transactions designed to extend debt maturities and obtain financial covenant relief, including the incurrence of a new $1.3 billion first lien term loan and the amendment of CRC’s existing first lien credit facility; and in financing advice related to a series of agreements with an affiliate of Ares Management, L.P. to form a joint venture with respect to certain of CRC’s midstream assets.
- Cheniere Corpus Christi Holdings LLC (U.S.) in its $11.5 billion term loan facility to finance the $15 billion cost of its LNG liquefaction facility at Corpus Christi, Texas. S&C has advised Cheniere in several subsequent project and parent level financings, including bond take-out financings, and later advised on a $6.1 billion expansion financing.
- Concho Resources (U.S.) on financing matters in connection with its $9.5 billion acquisition of RSP Permian.
- Coronado Coal Group (U.S.), as U.S. and financing counsel, in its A$700 million acquisition of the Curragh coal mine in Queensland, Australia from Wesfarmers Limited.
- Kenmare Resources plc (Ireland) in a $110 million term loan facility and a $40 million revolving credit facility.
- Minera Escondida Limitada (Chile) in a number of unsecured term loan facilities.
- Morgan Stanley and Crédit Agricole as lenders in a $500 million senior secured credit facility for Poinsettia Finance Ltd. in connection with KKR’s complex acquisition and leaseback of certain Pemex oil and gas infrastructure assets. The deal was named Private Equity Deal of the Year by LatinFinance and Latin America M&A Deal of the Year by IJGlobal.