International law firm Conyers advised oil and gas exploration and production company Kosmos Energy Ltd on its $594 million IPO on the New York Stock Exchange last week.
The offering price was set at US$18 a share, the top of its proposed price range, and Kosmos increased the number of shares offered from 30 million to 33 million in response to strong investor demand.
The transaction involved the coordinated advice of lawyers in Conyers’ Bermuda and Cayman Islands offices in the lead-up to the IPO, which was completed by way of a corporate reorganisation immediately prior to the closing of the offering. The reorganisation included a series of internal transactions and changes followed by an exchange of common and preferred units in Kosmos Energy Holdings, a Cayman company limited by guarantee, for shares in Kosmos Energy Ltd, a Bermuda company formed for the purpose of the IPO.
Marcello Ausenda, director in Conyers’ Bermuda office, advised Kosmos Energy Ltd on Bermuda law aspects of the transaction along with a number of associates led by Jason Piney.
Richard Finlay, managing partner of the firm’s Cayman Islands office, advised Kosmos Energy Holdings, assisted by Cayman Islands associate Tara Rivers. Davis Polk & Wardwell acted as US counsel to Kosmos and Credit Suisse, Barclays Capital and Citi were the underwriters.
“Our Cayman and Bermuda offices worked together to provide integrated advice that facilitated the exchange of units…,” Mr. Ausenda said.
Mr. Finlay said the transaction was a landmark due to the high-profile nature of Kosmos’ African oil assets and the strong investor appetite for the IPO shares. to address unique issues of Cayman Islands law.”