Memery Crystal advises Gulf Keystone Petroleum on Balance Sheet Restructuring Transaction
Memery Crystal announced that is has advised long-standing client, Gulf Keystone Petroleum (LSE:GKP), on its financial restructuring, including the successful placing and open offer to raise up to $25 million.
The transaction involved reducing the company’s debt profile from $600 million to $100 million via a debt for equity swap. Simultaneously, Gulf Keystone Petroleum also launched an open offer for up to $25 million, which Memery Crystal also supported on. The open offer was oversubscribed and successful in raising $25 million for the company.
Gulf Keystone Petroleum (GKP:LSE) proposed the transaction on 14 July 2016 and the deal was successfully bought to a close on 13 October 2016.
The Memery Crystal team included Nick Davis (CEO), Kieran Stone (Partner) and Alice Foster (Solicitor).
Memery Crystal’s CEO, Nick Davis, said:
“The completion of this Balance Sheet Restructuring brings to a close months of hard work and I am very proud of what the Memery Crystal team achieved on this project. It is a landmark transaction for the London E&P space and puts GKP firmly amongst the leaders of the pack in terms of addressing a liquidity issue brought about in part by the turmoil that has impacted the oil & gas sector over past two years. We look forward to continuing to support the company as it continues to develop its flagship Kurdistan asset.”
Source: Memery Crystal
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