Kirkland represented KKR in its participation in the preferred financing involving Covey Park Energy LLC’s acquisition of additional assets located in the Haynesville shale area of North Louisiana from Chesapeake Exploration, LLC and related companies for $465 million. Covey Park, a Dallas, Texas-based independent oil and gas exploration and production company, funded a portion of the Chesapeake acquisition with additional equity investments from its existing investor Denham Capital, as well as incremental debt commitments from its core lender group. To fund the balance of the acquisition and to support growth initiatives, Covey Park issued preferred equity to Magnetar Capital, KKR (through the Energy Income & Growth Fund) and Triangle Peak Partners. Wells Fargo acted as financial advisor to Covey Park. The full release is available here.
The Kirkland team was led by corporate partners John Pitts and Anthony Speier and associates Jackie Kelso and Michael Fisherman; and tax partner Chad McCormick and associate Joe Tobias.