Latham & Watkins represented the financing sources in the private placement of US$500 million in 8.50% five‑year notes by Calgary‑based Parex Resources Inc. (Parex) (TSX: PXT). The proceeds of the notes will be used to acquire all of the exploration and production assets in Colombia owned by Frontera Energy Corporation (Frontera) (TSX: FEC).
Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable, conventional production. Frontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage, and sale of oil and natural gas in South America. Both companies are listed on the Toronto Stock Exchange.
The acquired operations include all of Frontera’s Colombian upstream business, consisting of Frontera’s oil and gas exploration and production assets in Colombia, its reverse osmosis water treatment facility, and its palm oil plantation.
Latham & Watkins LLP represented the initial purchasers on the senior notes offering and represented the financing parties in the initial commitments to support the financing of the Frontera acquisition with a corporate deal team led by partners David Miller, Roderick Branch, and Sam Rettew, and counsel Manasi Bhattacharyya, with special legal consultant Concepcion Olivera and associates Chelsea Carlson, Alejandra Castillo, and Alec Born; on tax matters by partner Bryant Lee, with associate Lucas Migliano; and on environmental matters by partner Joshua Marnitz, with associate Nolan Fargo.
