Each one in plain English, with the numbers worked through for a shareholder.
6 Oct 2020debt financing▼ BadMajor
Kosmos converted its June crude-prepayment deal with Trafigura into a formal $200 million secured term loan against its Gulf of Mexico assets (with a Beal Bank affiliate also lending), at around a 6% margin -- costly debt reflecting how tight liquidity was during the pandemic oil crash.
Kosmos agreed to sell its frontier exploration acreage in Namibia, Sao Tome and Principe, Suriname and South Africa to Shell for $96 million upfront plus up to $100 million more if exploration pays off -- raising cash by exiting early-stage exploration bets during the 2020 downturn.
With its stock near delisting territory, Kosmos raised up to $200 million by pre-selling future Gulf of Mexico crude to trading house Trafigura -- an unconventional financing move to shore up liquidity during the 2020 oil-price collapse.
Kosmos's stock fell far enough during the COVID oil-price crash that the NYSE warned it risks delisting for trading below the $1 minimum share-price rule; Kosmos has until December 2020 to recover and is considering a reverse stock split if needed.
Kosmos and its Mauritania/Senegal partners signed a 10-year LNG sale contract with BP to buy about 2.45 million tonnes/year from the Greater Tortue/Ahmeyim project once it starts up -- the key commercial milestone locking in a buyer for the project's gas.
Blackstone Family GP L.L.C, BCP IV GP L.L.C, Blackstone Holdings III L.P, Blackstone Holdings III GP L.P, Blackstone Holdings III GP Management L.L.C, Blackstone Group Management L.L.C, Stephen A. Schwarzman reported no remaining Kosmos Energy Ltd. shareholding in its periodic institutional filing.
Hotchkis and Wiley Capital Management, LLC reported a Kosmos Energy Ltd. shareholding of 30,239,074 shares (7.53% of votes) in a periodic institutional filing.
Vaughan Nelson Investment Management, L.P, Vaughan Nelson Investment Management, Inc reported a Kosmos Energy Ltd. shareholding of 33,085,713 shares (8.24% of votes) in a periodic institutional filing.
Warburg Pincus Private Equity VIII, L.P, Warburg Pincus International Partners, L.P, WP-WPVIII Investors GP L.P, WP-WPIP Investors GP L.P, WPP GP LLC, Warburg Pincus Partners, L.P, Warburg Pincus Partners GP LLC, Warburg Pincus & Co, Warburg Pincus LLC, Charles R. Kaye, Joseph P. Landy reported no remaining Kosmos Energy Ltd. shareholding in its periodic institutional filing.
Wellington Management Group LLP, Wellington Group Holdings LLP, Wellington Investment Advisors Holdings LLP, Wellington Management Company LLP disclosed a new substantial Kosmos Energy Ltd. shareholding (8.90% of votes).