Announcement of intention to offer $550 million of senior secured notes
NOT FOR DISTRIBUTION TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER TO PURCHASE OR A SOLICITATION OF AN OFFER TO SELL ANY NOTES.
5 May 2022
Trident Energy Finance PLC (the “Issuer”), a direct wholly-owned subsidiary of Trident Energy, L.P. (“Trident Energy” and, collectively with its subsidiaries, the “Group”), itself controlled by funds managed or advised by Warburg Pincus and Quantum Energy Partners, today announced the launch of an offering (the “Offering”) of $550,000,000 aggregate principal amount of senior secured notes due 2027 (the “Notes”). The Notes will be the general, senior obligations of the Issuer and will be guaranteed by certain of Trident Energy’s subsidiaries. Interest on the Notes will be payable semi-annually in arrears. The interest rate, offering price and other terms will be determined at the time of pricing of the Offering, subject to market conditions.
The proceeds from the Offering of the Notes, if completed, will be used, together with cash on balance sheet, to (i) repay all amounts outstanding under, and cancel all commitments made available pursuant to, the Group’s senior secured reserve-based lending facilities and (ii) pay fees and expenses incurred in connection with the foregoing (collectively and together with the Offering, the “Transactions”). There can be no assurance that any of the Transactions will be completed.
About Trident Energy
Established in 2016 by our Chief Executive Officer Jean-Michel Jacoulot and Chief Financial Officer Eric Descourtieux, Trident Energy is an international oil and gas company specializing in mid‑life producing assets. We maintain production in two countries—Equatorial Guinea, where we acquired our assets in 2017, and Brazil, where we acquired our assets in 2020. Our operations and strategy of unlocking existing value in established assets are supported by our two largest shareholders, Warburg Pincus and Quantum Energy Partners, leading private equity firms.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security and shall not constitute an offer, solicitation or sale in the United States or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction.
The Notes and the related guarantees have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of securities in the United States.
This announcement may include projections and other "forward-looking" statements within the meaning of applicable securities laws. Any such projections or statements reflect the current views of the Group about future events and financial performance. The use of any of the words "expect," "anticipate," "continue," "will," "project," "should," "believe," "plans," "intends" and similar expressions are intended to identify forward-looking information or statements. Although the Group believes that the expectations and assumptions on which such forward-looking statements and information are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Group can give no assurance that such statements and information will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.
The forward-looking statements and information contained in this announcement are made as of the date hereof and the Group undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information future events or otherwise, unless so required by applicable securities laws. Within the United Kingdom, this announcement is directed only at persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("relevant persons"). The investment or investment activity to which this announcement relates is only available to and will only be engaged in with relevant persons and persons who receive this announcement who are not relevant persons should not rely or act upon it.
Manufacturer target market (MIFID II product governance; UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail investors in EEA or the United Kingdom, respectively.