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EP Energy Closes Senior Secured Notes Offering

Paul, Weiss advised EP Energy Corporation in a private offering by its wholly owned subsidiaries, EP Energy LLC and Everest Acquisition Finance Inc., of $1 billion in aggregate principal amount of 8.00% senior secured notes due 2025. The proceeds of the offering, together with cash on the balance sheet, were used to repay, in full, EP Energy's senior secured term loans due 2021, repurchase $250 million aggregate principal amount of EP Energy's 9.375% senior notes due 2020 in the open market, repay $111 million of borrowings under EP Energy's reserve-based revolving loans and pay related premiums, fees and expenses. EP Energy, a portfolio company of Apollo Global Management, is an independent exploration and production company engaged in the acquisition and development of unconventional onshore oil and natural gas properties in the U.S. Credit Suisse. was the sole bookrunning manager in the offering.

The Paul, Weiss team included corporate partners Gregory Ezring, Mark Wlazlo, Catherine Goodall and Brian Janson; and tax partner Brad Okun.

February 6, 2017

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