Sidley Represents Presidio in US$350 Million Investment Grade ABS Refinancing

Sidley represented Presidio Production Company (NYSE: FTW), a differentiated oil and gas operator focused on the acquisition and optimization of mature, producing oil and natural gas assets in the United States, in the US$350 million investment grade refinancing of its prior asset-backed securitization (ABS), issued in two investment grade tranches: $175 million of 5.902% Class A-1 notes and $175 million of 6.717% Class A-2 notes.

The ABS was structured with a master trust and innovative, first-of-its-kind oil and gas ABS make-whole provisions to allow for asset drop-downs, efficient refinancing, and a simpler capital structure following acquisitions.

The Sidley team was led by partner Daniel F. Allison, and includes Quan Lu, Max R. Lupin, Di Duan, Harris R. Dubin, and Ty Kennington (Energy and Infrastructure); Azad Assadipour and Derek Knight (Investment Funds); John Stribling (Energy and Infrastructure); Angela Richards and Zackary Pullin (Tax); Eric Winwood (Employee Benefits and Executive Compensation); Jen Fernandez (Global Arbitration, Trade and Advocacy); Carla G. Teodoro (Investment Funds); and Michael D. Mann (White Collar Defense and Investigations).