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Stone Energy Corporation
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2017 Combination of Talos Energy & Stone Energy
| James M. Trimble | Page 4 of 11 |
May 05, 2024
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Document:
"2017 Combination of Talos Energy & Stone Energy"
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Transaction Terms ? 100% stock transaction ? 34.16 MM shares issued to Talos (20.06 MM Stone shares, 54.22 MM total shares) ? Combined company initial Equity Value of ~$1,900 MM (1) ? Combined company initial Enterprise Value of ~$2,500 MM (1) ? Stone’s 2nd Lien Notes will be exchanged into Talos’s 2nd Lien Notes Path to Closing ? Unanimously approved by both boards ? Stone shareholder approval required ? Regulatory and other customary approvals ? Successful completion of 2nd Lien debt exchange ? Closing expected in late Q1 or early Q2 2018 Transaction Overview Pro Forma Ownership and Governance ? Talos shareholders will own 63% at closing; Stone shareholders 37% – Net Debt of $611 MM (2) ? Talos CEO Timothy S. Duncan will lead the combined company ? Talos will name six of ten directors; Stone the remaining four ? Expected to trade on NYSE under new symbol TALO November 2017 Sources: Talos, Stone and FactSet. Market data as of 11/20/2017. Note: Share counts may not foot due to rounding. 4