November 21, 2017 / 1:48 PM / a year ago

BRIEF-Talos Energy LLC to combine with Stone Energy Corp

Nov 21 (Reuters) - Stone Energy Corp

* Talos Energy LLC to combine with Stone Energy Corp

* Stone Energy Corp - ‍at closing, Talos stakeholders will own 63 pct and Stone shareholders will own 37 pct of combined company​

* Stone Energy Corp - boards of directors of co and ‍Talos Energy unanimously approved combination of Talos and Stone in an all-stock transaction​

* Stone Energy Corp - ‍Talos, Stone will become wholly-owned subsidiaries of new holding company, which at closing of deal will become publicly traded entity​

* Stone Energy Corp - ‍under terms of deal, each outstanding share of co’s common stock will be exchanged for one share of Talos Energy, Inc. Common stock

* Stone Energy Corp - ‍combined co will be named Talos Energy Inc, expected to trade on New York Stock Exchange under new ticker symbol TALO​

* Stone Energy Corp - ‍Timothy S. Duncan, Talos’s chief executive officer, will be chief executive officer of Talos Energy Inc​

* Stone Energy Corp - as per terms of proposed deal, ‍Talos will have initial equity market capitalization of about $1.9 billion, enterprise value of about $2.5 billion​

* Stone Energy Corp - combined co’s board comprised of 10 members, including 6 members designated by Talos, 4 members designated by Stone from current board

* Stone Energy Corp - ‍Neal P. Goldman will serve as non-executive chairman of board of directors of combined co​

* Stone Energy Corp - combined co expects to achieve upto $25 million annual pre-tax synergies from supply chain management, operational efficiencies by year end 2018

* Stone Energy Corp - expects new $1 billion credit facility with $600 million initial borrowing capacity & no material long term note maturities until 2022 for new co Source text for Eikon: Further company coverage:

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