Ovintiv Inc.’s $2.5 Billion of Credit Facilities in Connection with their Pending Acquisition of Certain Assets from Paramount Resources Ltd.

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners, in connection with $2.5 billion of credit facilities made available to Ovintiv Inc., as part of the financing transactions undertaken in connection with their pending acquisition of certain assets from Paramount Resources Ltd. Ovintiv Inc. is a leading North American oil and natural gas exploration and production company. The facilities consisted of a $1.5 billion asset-sale term loan facility and a $1 billion two-year term loan facility. The facilities closed on December 10, 2024.

The Cravath team included partners Tatiana Lapushchik and Matthew M. Kelly and associates Gene Choi and Hannah Gehringer on banking matters; partners Michael E. Mariani and Kelly M. Smercina and associate Nadia T. Odai-Afotey on capital markets matters; partner Arvind Ravichandran and associates Carolyn Liziewski and Ruth Goldstein Shapiro on tax matters; and associate Matthew S. Johnson on executive compensation and benefits matters. Benjamin Meyer also worked on capital markets matters.