Kirkland Advises HighPoint on $376 Million Combination with Bonanza Creek

Kirkland & Ellis counseled HighPoint Resources Corp. (NYSE: HPR) on its definitive merger agreement and support agreements relating to its combination with Bonanza Creek Energy, Inc. (NYSE: BCEI) in a transaction valued at approximately $376 million as of November 6, 2020. The transaction value is based on BCEI equity to be issued to HighPoint equity holders, equity and debt of BCEI to be issued to HighPoint debt holders and assumed debt.  The merger agreement has a unique structure providing for Highpoint bondholder equitization with an alternative to implement the transaction through Chapter 11 proceedings under certain circumstances.

Read Bonanza Creek’s press release

The Kirkland team was led by restructuring partners Josh Sussberg, Marc Kieselstein, Ben Winger and associate Nir Levin; transactional partners Sean Wheeler, John Pitts and Cephas Sekhar, and associate Randy Santa Anna; debt finance partners Lucas Spivey and Arthur Lotz; tax partner David Wheat; executive compensation partner Rob Fowler; and capital markets partners Matt Pacey and Michael Rigdon.