White & Case LLP has advised the initial purchasers on Constellation Oil Services Holding S.A.’s issuance of US$650 million in first-lien notes due 2033, a refinancing that replaces the company’s outstanding notes due 2029.
The new senior secured bonds carry a fixed annual coupon of 7.700%, payable twice yearly.
Constellation Oil used the proceeds, together with cash on hand, to repay its outstanding US$650 million 9.375% senior secured notes due 2029 and cover related transaction costs.
The company also intends to seek a listing for the bonds on the Singapore Exchange Securities Trading Limited.
The White & Case team was led by partners Rafael Roberti in New York, Donald Baker and John Guzman in São Paulo.
Partners Chad McCormick in Houston and Kamran Ahmad in London also advised, alongside New York counsel Heidi Schmid and associates Clara Silva in São Paulo, Thor Fielland in Houston and Asad Khan in London.
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Legal assistants João Godoy and Fábio Garcia in São Paulo and New York law clerk Caroline Colbert supported the transaction.
The staffing reflects the coordination required for a US-dollar debt issuance involving Brazilian operating assets, international investors and advisers working across New York, São Paulo, Houston and London.
Constellation Oil provides offshore oil and gas contract drilling services in Brazil through Serviços de Petróleo Constellation S.A.
The group transferred from Euronext Growth Oslo to Euronext Oslo Børs on 26 May 2026, when Euronext reported an opening market capitalisation of NOK 11.99 billion.
For solicitors acting for issuers or initial purchasers, the refinancing shows the need to align the new debt documents with the discharge of existing obligations.
Redemption mechanics, security arrangements, closing conditions, use-of-proceeds provisions and proposed exchange-listing requirements must operate to the same timetable.
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A failure in one workstream can delay completion or create uncertainty over the continuing effect of the earlier notes.
In-house counsel will typically coordinate treasury, finance, investor relations and external advisers, while keeping a clear record of corporate approvals and disclosure decisions.
Barristers could be instructed if disputes arise over covenant interpretation, enforcement rights, priority or the scope of security.
Law firm management faces the separate challenge of dividing responsibility across offices without weakening document control, verification or accountability for closing deliverables.
Energy-sector refinancing of this kind depends on close coordination between capital markets lawyers, sector specialists and local counsel.
Legal teams that identify execution risks before pricing are more likely to keep the transaction consistent through settlement, repayment and the release of existing obligations.
