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Clients rely on our Finance Group to help them navigate the business and legal complexities of novel and multi-dimensional debt financing transactions. Our versatile finance practitioners work closely with our mergers and acquisitions, securities, tax, real estate and bankruptcy lawyers to provide seamless advice and innovative solutions that address our clients' debt financing needs related to all types of transactions and capital structures.
Oaktree to Acquire Interest in Hess Energy Trading Company
- Client News
- October 27, 2014
Hess Energy Trading Company LLC (HETCO), a leading global marketer and trader of energy commodities, announced that funds managed by Paul, Weiss client Oaktree Capital Management L.P. will acquire an interest in the firm held by Hess Corporation. HETCO, which will be renamed, is led by founding partners Stephen Hendel and Stephen Semlitz and partner Guy Merison, all of whom will remain in their current positions. Following the close of the transaction, Oaktree will be the only outside investor in HETCO.
Under the terms of the transaction, Oaktree will provide initial working capital to HETCO. In addition, Oaktree has committed up to $500 million of additional capital for HETCO to make potential new investments in the commodity space. Other financial terms of the transaction, expected to close in the first quarter of 2015, were not disclosed.
The Paul, Weiss team included, among others, corporate partners Kenneth Schneider, Eric Goodison, Neil Goldman and Manuel Frey; employee benefits counsel Erin Murphy; and tax partners Richard Bronstein and Patrick Karsnitz.