Seacrest in $236 Million IPO and $300 Million Syndicated Secured Financing

April 10, 2023

Cleary Gottlieb represented Seacrest in its $236 million initial public offering in Norway and $300 million secured financing.

Seacrest owns and operates upstream oil and gas assets and concessions in Brazil, and the proceeds of the offering and the financing were used to pay the acquisition price of certain additional oil fields and related assets, including a waterway terminal for oil export, in the State of Espírito Santo, Brazil.

In the IPO, closed in February, Seacrest raised approximately $236 million (NOK 2.42 billion) in gross proceeds in a primary offering of 403.33 million common shares. The shares offered were priced at NOK 6 per share and are now listed in the Oslo Stock Exchange. The shares were offered to retail investors in Norway, to certain qualified institutional buyers in the United States in a private placement and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The international placement agents in the offering were ABG Sundal Collier, Pareto, Banco BTG Pactual, Itau BBA, and SpareBank.

The secured financing was fully funded on April 10, 2023. The lead arranger was Morgan Stanley and the syndicate includes five lenders.