Samson Resources

bankrupt

Energy — KKR / Crestview / Natural Gas Partners

Deal Terms

Entry Year2011

Entry EV$7.2B

Entry Multiple9x

Leverage6x

Debt Amount$4.9B

Outcome

Exit Year2015

Risk Metrics

LTV (est.)68%

Debt / EV0.68x

Notes

KKR-led $7.2B LBO of Oklahoma E&P company (2011). Strategy: flip from gas to oil production. Natural gas prices collapsed (2012), then crude crashed (2014). Filed Sept 2015 with $4.9B liabilities. KKR and partners lost $4.1B investment. Second massive KKR energy disaster.

Sponsor

KKR & Co.$638B AUM

Hot Potato History

1971→Charles Schusterman family (founder-owned)

2011→KKR($7.2B)

Bankrupt September 2015. KKR lost entire $4.1B equity investment — largest single KKR loss at the time.