Kirkland & Ellis LLP advised Alberta Investment Management Corporation (AIMCo) on its binding commitments for the purchase of up to $500 million of Series B Preferred Units (Preferred Units) from Howard Midstream Energy Partners, LLC (HEP), on behalf of certain AIMCo clients. On Aug. 22, 2016, AIMCo completed its initial purchase of $300 million in Preferred Units, with a commitment to purchase an additional $200 million in Preferred Units in the future. The Preferred Units are subject to redemption and conversion features under certain circumstances. At its election, subject to certain limitations, HEP has the ability to make coupon payments on the Preferred Units in cash or in kind. The full release is available here.
The Kirkland team was led by corporate partner Adam Larson and associates Cyril Jones, Andrew Walker and Leslie Vaughn; and tax partners Mike Carew and Chad McCormick and associate Tim Campany.