Conyers behind successful IPO for oil company

(CNS): A local legal firm was patting itself on the back this week after its successful part in a complex and significant IPO on the New York Stock Exchange. A spokesperson from Conyers said that the firm advised Kosmos Energy Ltd. on its US$594 million IPO that priced on Tuesday at the top of its proposed price range, at US$18.00 a share. The lawyers said it was a landmark transaction because of the high profile nature of Kosmos’ African oil assets and the strong investor appetite for the IPO shares. It was complex as it involved a Cayman company limited by guarantee and required us to address unique issues of Cayman Islands law.

“The offering was so well received by investors that Kosmos increased the number of shares offered from 30,000,000 to 33,000,000,” Conyers stated.

The transaction involved the coordinated advice of lawyers in two Conyers’ jurisdictions, with Conyers’ Bermuda and Cayman Islands offices advising on complex legal matters in the lead-up to the IPO, which was completed by way of a corporate reorganization immediately prior to the closing of the offering. Richard Finlay, managing partner of the firm’s Cayman Islands office said it demonstrated the growing strength of Conyers Cayman Islands office, “where we are currently being instructed in several similar transactions as the IPO market revives,” he added.

Finlay, advised Kosmos Energy Holdings, assisted by Cayman Islands associate Tara Rivers. Marcello Ausenda, director in Conyers’ Bermuda office, advised Kosmos Energy Ltd. on Bermuda law aspects of the transaction along with a number of associates led by Jason Piney. Davis Polk & Wardwell acted as US counsel to Kosmos and Credit Suisse, Barclays Capital and Citi were the underwriters.
Kosmos is an international oil and gas exploration and production company with major oil discoveries offshore West Africa including the giant Jubilee Field in offshore Ghana. Kosmos shares commenced trading earlier today on the New York Stock Exchange under the symbol KOS.