Memery Crystal advises Gulf Keystone Petroleum Limited on convertible bond offering of US$300m

Memery Crystal LLP has acted for longstanding client Gulf Keystone Petroleum Limited (“Gulf Keystone”) in connection with the offering of senior unsecured convertible bonds in a principal amount of USD$300 million.

Closing and settlement are expected on 18 October 2012, with the intention for the convertible bonds to be admitted to the Official List and to trading on the Professional Securities Market (“PSM”) of the London Stock Exchange by 30 November 2012.  This will be the first ever listing by an AIM-listed company of convertible bonds on PSM.

Gulf Keystone is an independent oil and gas exploration and production company with assets in the Kurdistan region of Iraq. The proceeds from the convertible bond offering will be used to enhance Gulf Keystone’s liquidity position and to progress its ongoing large-scale staged development of the Shaikan block in Kurdistan.

The Memery Crystal team included corporate partner Nick Davis, banking partner Andrew Titmas, corporate associate Kieran Stone and corporate assistant Melanie Jory.

Nick Davis commented: “We are delighted to have worked with Gulf Keystone on this landmark bond offering, which demonstrates again the significant confidence investors have in the company’s growth and development. We look forward to supporting Gulf Keystone’s exciting strategy going forward.”

Memery Crystal is a recognised leader for its natural resources corporate finance work, covering M&A, private equity and IPO/fundraising for UK and international companies. The firm is ranked among the upper tier of law firms for its AIM experience by both Chambers UK and The Legal 500, acting for smaller to medium-sized public companies, as well as for their nominated advisers and brokers.  In the July 2012 edition of the Morningstar Professional Services Rankings Guide (AIM Edition), Memery Crystal claimed the top spot among law firms based on the market capitalisation of AIM oil & gas clients, and was also ranked second based on the total number of AIM clients.