The assets include 860 barrels of oil equivalent production per day from operated interests in the Eliasville and Blessing fields.
Concurrent with the closing of the acquisition, Layline issued $60m of equity securities through a private placement to certain investment funds managed by Goldman Sachs Asset Management, and closed on an expanded $250m credit facility with its existing lenders, Union Bank and Macquarie Bank.
The net proceeds of the financing were used partly to fund the acquisition of Baseline’s assets, with remaining proceeds expected to be used to fund capital expenditures and for general corporate purposes.
RBC Capital Markets acted as lead placement agent and Macquarie Capital served as co-placement agent for the equity private placement.
