After restructuring debt, Sable Permian and American merge

By Luke Geiver | October 20, 2019

Sable Permian Resources LLC has merged with American Energy—Permian Basin LLC after American Energy was able to recapitalize and reduce debt.

American Energy has announced a recapitalization that included the repurchase of roughly $2.1 billion of first lien notes and several other notes due in the next four years.  The recapitalization has reduced the company’s debt by roughly $1.4 billion and reduced debt maturities due in the next four years by roughly $36 million.

Sable Permian Resources LLC is an independent oil and natural gas company focused on the acquisition, development and production of unconventional oil and natural gas reserves in the Wolfcamp Shale play in the Southern Midland Basin within the Permian Basin of West Texas.  Sable Permian is the parent entity of American Energy – Permian Basin, LLC and operates on its behalf.

Credit Suisse Securities LLC and Evercore Group LLC served as financial advisors and Latham & Watkins LLP served as legal counsel to AEPB.  Kirkland & Ellis LLP served as legal counsel to the company and its private equity sponsors.