Kirkland & Ellis LLP represented Magnetar Capital in its agreement announced today with Double Eagle Energy Permian LLC, wherein Magnetar will invest up to $450 million of equity and delayed draw unsecured debt capital to support additional Midland Basin acquisition opportunities and to accelerate Double Eagle’s operated drilling program.
Double Eagle Energy Permian LLC was formed through the combination of Double Eagle Energy Lone Star LLC and Veritas Energy Partners Holdings LLC. Backed by Apollo Global Management, LLC (NYSE: APO) and Post Oak Energy Capital, LP, Double Eagle is a land-centered E&P company that invests in and develops oil and gas resources in the Permian Basin. The company has grown to become one of the largest pure-play Midland Basin E&P companies, and owns more than 60,000 core Midland Basin net acres (over 70 percent operated). More information on the transaction is available here.
The Kirkland team included capital markets partner Matt Pacey, corporate partner William Benitez and associates Michael Fisherman and Hunter Ellis. Bank of America Merrill Lynch acted as financial advisor to Magnetar Capital. Vinson & Elkins LLP acted as legal advisor and Jefferies LLC acted as financial advisor to Double Eagle.