NEW YORK, NY; IRVING, TX; HOUSTON, TX; TULSA, OK—October 2, 2017. The Energy & Minerals Group (“EMG”), 51% owner, and Laredo Petroleum, Inc. (NYSE: LPI) (“Laredo”), 49% owner, announced today that their affiliates have entered into a binding agreement to sell Medallion Gathering & Processing, LLC (“Medallion”) to an affiliate of Global Infrastructure Partners (“GIP”) for a cash purchase price of $1.825 billion (the “Base Consideration”) plus additional cash consideration that is linked to GIP’s realized profits at exit (the “Additional Consideration”). GIP is a leading global, independent infrastructure investor that combines specialist industry experience and industrial best practice operational management to achieve superior risk‐ adjustedreturns. Funding of the Base Consideration is expected to occuron or before November 1, 2017 and includes $725 million of stapled debt financing provided by Jefferies LLC. There can be no assurance as to when and whether the Additional Consideration will be funded. All proceeds from the sale of Medallion, including both the Base Consideration and the Additional Consideration, will be distributed 51% to EMG and 49% to Laredo.
Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or "the Company") today announced its 2017 second-quarter results, reporting net income attributable to common stockholders of $61.1 million, or $0.25 per diluted share. Adjusted Net Income, a non-GAAP financial measure, for the second quarter of 2017 was $25.2 million, or $0.10 per adjusted diluted share. Adjusted EBITDA, a non-GAAP financial measure, for the second quarter of 2017 was $114.3 million. Please see supplemental financial information at the end of this news release for reconciliations of non-GAAP financial measures.Read More
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