TALOS ENERGY INC. (TALO): debt financing — Talos acquires QuarterNorth Energy for $1.29B in cash and stock

TALOS ENERGY INC.

Consideration: ~$965M cash + 24.8M Talos shares; total enterprise value ~$1.29B.
Adds ~30 MBoe/d production (75% oil) and 69 MMBoe proved reserves (PV-10 $1.7B).
Expected close by end of Q1 2024; unanimous board approval from both companies.
QuarterNorth's Gulf of Mexico deepwater assets have low decline, low ARO, high free cash flow.
Talos secured a $650M bridge credit facility; borrowing base reaffirmed at $1.075B.

item 1.01 item 2.03 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TALOS ENERGY INC. incurred credit facility of $650,000,000.

Instrument: credit facility
Principal: $650,000,000
Event: incurrence

Exact text from the filing

we have received a $650,000,000 commitment for a bridge credit facility from a syndicate of lenders, including some of the lenders under our Bank Credit Facility, to be used to fund the cash portion of the consideration for the Merger.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TALOS ENERGY INC. entered into Agreement and Plan of Merger with QuarterNorth Energy Inc., Compass Star Merger Sub Inc. and representatives of the equityholders of QuarterNorth (effective 2024-01-13).

Action: entry
Agreement: merger
Counterparty: QuarterNorth Energy Inc., Compass Star Merger Sub Inc. and representatives of the equityholders of QuarterNorth
Effective: 2024-01-13

Exact text from the filing

On January 13, 2024, Talos Energy Inc., a Delaware corporation (“Talos”), QuarterNorth Energy Inc., a Delaware corporation (“QuarterNorth”), Compass Star Merger Sub Inc., a Delaware corporation and an indirect wholly-owned subsidiary of Talos (“Merger Sub”) and representatives of the equityholders of QuarterNorth, entered into an Agreement and Plan of Merger (the “Merger Agreement”).

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283 debt financings filed in the last 30 days. Browse all debt financings →

TALOS ENERGY INC. filing history →

Source: SEC EDGAR

accession 0001193125-24-008137

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