Akin Gump Advises Laredo Petroleum in Announced Redemption of Senior Notes
(Houston) – Laredo Petroleum, Inc. announced today that it has called for redemption all $500 million aggregate principal amount of its 7 3/8% senior notes due May 2022. Laredo expects the redemption to be completed on November 29, 2017. A team from Akin Gump advised Laredo in the matter.
Laredo will utilize a portion of the proceeds from the sale of its interest in the Medallion – Midland Basin pipeline system to fund the redemption amount of approximately $521 million, which includes the redemption premium and accrued interest from November 1, 2017 through November 28, 2017. The redemption of the notes will reduce Laredo's annual interest costs by approximately $37 million.
Akin Gump oil and gas partner Christine LaFollette, who also serves as partner in charge of the firm’s Houston office, led the team advising Laredo. She was joined by oil and gas partner Chip Cowell, counsel Chris Centrich and associates Erik Shoemaker and Randy Santa Ana.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
# # #