HOUSTON, Jan. 25, 2024 /PRNewswire/ — Talos Energy Inc. (“Talos”) (NYSE: TALO) today announced that Talos Production Inc. (the “Company”), a wholly owned subsidiary of Talos, has upsized its previously announced offering (the “Offering”) of $1,250 million in aggregate principal amount of new Second-Priority Senior Secured Notes, consisting of Second-Priority Senior Secured Notes due 2029 and Second-Priority Senior Secured Notes due 2031 (collectively, the “New Notes”). The Offering has been upsized from the previously announced $1,000 million in aggregate principal amount of New Notes. The Company intends to use the net proceeds from the Offering to (i) fund a portion of the cash consideration for the Company’s recently announced pending acquisition of QuarterNorth Energy, Inc. (“QuarterNorth,” and such acquisition, the “Acquisition”), (ii) fund the redemption (the “Redemptions”) of all of the outstanding 12.00% Second-Priority Senior Secured Notes due 2026 issued by the Company (the “12.00% Notes”) and all of the outstanding 11.750% Senior Secured Second Lien Notes due 2026 issued by Talos Energy Ventures GOM LLC (f/k/a Energy Ventures GoM LLC) and Talos Finance Corporation (f/k/a EnVen Finance Corporation), each a wholly owned subsidiary of the Company (the “11.750% Notes,” and collectively with the 12.00% Notes, the “Existing Notes”), and (iii) pay any premiums, fees and expenses related to the Redemptions and the issuance of the New Notes. The Company intends to use any remaining net proceeds for general corporate purposes, which may include the repayment of a portion of the outstanding borrowings under its senior reserves-based revolving credit facility (the “Credit Facility”). The Company intends to redeem all outstanding 11.750% Notes on or after April 15, 2024 at a redemption price of 102.938% of the principal amount of 11.750% Notes to be redeemed, plus accrued and unpaid interest to, but excluding, such redemption date. Pending such redemption, the Company intends to deposit sufficient funds with the trustee under the indenture governing the 11.750% Notes to satisfy and discharge the 11.750% Notes and such governing indenture.
An aggregate of $340 million principal amount of the New Notes will be subject to a “special mandatory redemption” in the event that the transactions contemplated by the definitive agreement to acquire QuarterNorth (the “QuarterNorth Merger Agreement”) are not consummated on or before May 31, 2024 (or up to September 30, 2024 solely in the event the parties require additional time to satisfy certain requirements under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, pursuant to the terms of the QuarterNorth Merger Agreement), or if the Company notifies the trustee of the New Notes that it will not pursue the consummation of the Acquisition.
It is expected that the New Notes will be guaranteed on a senior basis by Talos and certain of the Company’s existing and future subsidiaries and will initially be secured on a second-priority basis by substantially the same collateral as the Company’s existing first-priority obligations under its Credit Facility.
The New Notes are being offered in the United States only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside the United States only in compliance with Regulation S under the Securities Act. The New Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security, nor shall there be any sale of the New Notes or any other security of the Company, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. This press release does not constitute a notice of redemption under the optional redemption provisions of the indentures governing the Existing Notes.
ABOUT TALOS ENERGY
Talos Energy (NYSE: TALO) is a technically driven, innovative, independent energy company focused on safely and efficiently maximizing long-term value through its Upstream Exploration & Production and Low Carbon Solutions businesses. We currently operate in the United States and offshore Mexico. We leverage decades of technical and offshore operational expertise to acquire, explore, and produce assets in key geological trends while developing opportunities to reduce industrial emissions through carbon capture and storage projects along the U.S. Gulf Coast. For more information, visit www.talosenergy.com .
INVESTOR RELATIONS CONTACT
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
This communication contains “forward-looking statements” within the meaning of U.S. Private Securities Litigation Reform Act of 1995. When used in this communication, the words “will,” “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “forecast,” “may,” “objective,” “plan” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. All statements, other than statements of historical fact included in this communication, are forward-looking statements, including, but not limited to, statements regarding the Company’s plans to issue the New Notes and the intended use of the net proceeds therefrom, and the pending Acquisition. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.
We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, our ability to consummate the Acquisition on the terms currently contemplated, the anticipated future performance of the combined company, risks and uncertainties related to economic, market or business conditions, satisfaction of customary closing conditions related to the Offering, and the other risks discussed in “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (the “SEC”), our Quarterly Reports on Forms 10-Q filed with the SEC and our other filings with the SEC, all of which can be accessed at the SEC’s website at www.sec.gov .
Should one or more of the risks or uncertainties described herein occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this communication.
Validation Cloud Secures $5.8 Million in Inaugural Funding to Propel Web3 Infrastructure
ZUG, Switzerland, Feb. 28, 2024 /PRNewswire/ — In a significant stride towards revolutionizing Web3 infrastructure, Validation Cloud has proudly announced the successful closure of its first external investment round, amassing $5.8 million. Spearheaded by San Francisco-based Cadenza Ventures, this funding round exceeded expectations with contributions from an impressive roster of international investors, including Blockchain Founders Fund, Bloccelerate, Blockwall, Side Door Ventures, Metamatic, GS Futures, and AP Capital.
Alex Nwaka, Co-Founder of Validation Cloud, expressed enthusiasm about the funding, “This investment marks a pivotal moment for Validation Cloud as we aim to address the urgent demand for scalable and compliant Web3 infrastructure. We’re honored to collaborate with our investors who are instrumental in propelling the global adoption of our platform among cutting-edge networks, developers, and asset managers.”
Validation Cloud is at the forefront of Web3 technology, having developed an innovative system architecture that paves the way for significant advancements in the sector. Known as the “Cloudflare of Web3,” the company offers a robust, scalable, and intelligent platform providing Staking, Node API, and Data services, drawing inspiration from Cloudflare’s transformative impact on Web2 infrastructure.
Founded by veterans in the Proof-of-Stake domain, Validation Cloud boasts a team of highly experienced professionals from renowned organizations such as Uber, Workday, Deloitte, Citadel, Morgan Stanley, Binance, Crypto.com, Figure, R3, and more, emphasizing a talent-first approach with a worldwide workforce.
Kumar Dandapani, Managing Partner at Cadenza Ventures, highlighted the strategic vision behind their investment, “At Cadenza, we do not invest in just any company; we invest in the future of transformative technologies. Validation Cloud’s pioneering role in Proof-of-Stake and their relentless pursuit of next-generation Web3 infrastructure have set them apart as leaders in the Web3 space.”
Aly Madhavji, Managing Partner at Blockchain Founders Fund, shared his thoughts on the investment, “We believe in the transformative power of Web3 and its ability to redefine how businesses operate. Investing in Validation Cloud aligns perfectly with our vision of supporting innovative platforms that are ready to lead the next wave of digital transformation.”
Validation Cloud has earned a reputation for its close partnerships with networks from their nascent stages, supporting a wide array of ecosystems from established ones like Chainlink, Hedera, and Stellar to emerging networks such as Aptos, Eigenlayer, and Berachain. Their platform lays the groundwork for the enterprise adoption of networks, positioning Validation Cloud as a key player in the Web3 infrastructure landscape.
For further details on Validation Cloud and its offerings, please visit www.validationcloud.io.
Please contact: Kelly Clark, Director of Communications | [email protected]
Klarna says its AI assistant does the work of 700 people after it laid off 700 people
The Swedish fintech, which was criticized for its handling of a dramatic staff reduction in 2022, is touting new efficiencies powered by OpenAI.
Klarna is bullish on bots.
One month after taking its OpenAI-powered virtual assistant global, the Swedish buy-now, pay-later company has released new data touting its ability to handle customer communications, make shoppers happier, and even drive better financial results.
The app-based AI chatbot already handles two-thirds of all customer service chats, the company said Tuesday—some 2.3 million conversations so far—with the virtual assistant earning customer satisfaction ratings at the same level as human agents. Klarna, which is expected to go public this year and will need all the hype it can get at a time when investors have been generally frosty toward IPOs, estimates that the chatbot could help improve its profits by $40 million in 2024.
Announcing a partnership with OpenAI early last year, Klarna said it was one of the first companies to integrate the firm’s groundbreaking ChatGPT technology into a plug-in for shopping. The natural-language interface initially helped customers choose items and make other shopping-related decisions based on personalized queries, a feature Klarna described as “smooth shopping.”
The company has continued to build out its AI offerings since then. Its app-based assistants are now available to customers worldwide and handle a variety of tasks including refunds, cancellations, and even disputes.
Klarna boasted in its announcement on Tuesday that the AI assistant “is doing the equivalent work of 700 full-time agents.”
That statement may raise eyebrows for anyone who remembers the middle of 2022, when the company laid off roughly the same number of employees, then about 10% of its staff. At the time, CEO Sebastian Siemiatkowski cited economic uncertainty, inflation, and the likelihood of a recession as reasons for the cuts. He was criticized for his handling of the staff reduction after he shared a public spreadsheet on LinkedIn that contained the names of many of the laid-off workers.
Fast Company asked Klarna how the company arrived at its calculation for its AI assistant’s human-equivalent productivity. The company said the number of equivalent jobs the AI could perform wasn’t related to the layoffs. In a statement, a spokesperson said the company’s customer service is supported by four to five large third-parties that collectively have over 650,000 employees, and that it offers customers the option to speak with human agents if that’s what they prefer.
“This is in no way connected to the workforce reductions in May 2022, and making that conclusion would be incorrect,” the statement read. “We chose to share the figure of 700 to indicate the more long-term consequences of AI technology, where we believe it is important to be transparent in order to create an understanding in society. We think [it’s] important to proactively address these issues and encourage a thoughtful discussion around how society can meet and navigate this transformation.”
Companies have used chatbots for years to handle low-level customer queries and other interactions, although these tools are expected to become more versatile in the wake of advancements in artificial intellegence.
Source: Fast Company
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KAPSARC Launches Saudi Arabia’s First School of Public Policy
- Inspired by His Royal Highness, the Minister of Energy, Prince Abdulaziz bin Salman Al Saud’s passion for education, human capital development and innovation, the KAPSARC School of Public Policy (KSPP) was founded as the first institution in Saudi Arabia dedicated to graduate studies and executive education in public policy.
- Through its academic offerings, KSPP empowers individuals to tackle pressing public policy challenges and embrace the promising opportunities shaping the future.
- KSPP’s facilities will run on 100% renewable energy, setting a precedent as one of the first net-zero facilities in the Saudi educational sector.
RIYADH, Saudi Arabia, Feb. 28, 2024 /PRNewswire/ — The King Abdullah Petroleum Studies and Research Center (KAPSARC) has been granted an establishment license for its School of Public Policy (KSPP) after the recent approval by the Council of Ministers, and which was announced during the Human Capability Initiative (HCI) on February 28, 2024, conducted under the patronage of Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, and the Chairman of the Human Capability Development Program Committee, one of Saudi Arabia’s Vision 2030 Realization Programs.
Aiming to set new standards in policy studies, the school offers a two-year master’s degree and executive education programs designed to enable and empower future policy leaders and professionals within Saudi Arabia and globally to address the most pressing domestic and international public policy challenges in the public, non-profit and private sectors.
This significant achievement was announced by His Royal Highness, Prince Abdulaziz bin Salman Al Saud, the Minister of Energy, Chairman of the Board of Trustees of KAPSARC: “The vision for KAPSARC School of Public Policy is to develop the knowledge and skills that the new generation needs to shape public policy both locally and globally. Our mission is to empower and equip future policy leaders and professionals within Saudi Arabia and internationally to make informed socio-economic decisions.”
In a statement on the sidelines of the school’s launch, Fahad Alajlan, President of KAPSARC, stressed the Center’s mission to impact public policy on national, regional, and global levels. “Our new School of Public Policy will equip future leaders with the right skills to create data-driven and evidence-based public policy in line with Vision 2030 goals.”
Dr. Ghadah Alarifi, Founding Dean of KSPP, stated that, “Public policy serves as the foundation of societal progress. At KSPP, we aim to be a catalyst for collaboration, building a robust ecosystem that bridges academia, industry, and government in the public policy arena.”
By leveraging KAPSARC’s network, KSPP provides a platform for global engagement and career growth opportunities, offering practical application and flexible courses tailored to empower policymakers in different tracks including energy policy.
The school is committed to achieving high sustainability standards in the Saudi educational sector, including the goal of running on 100% renewable energy. This dedication ensures that KSPP meets its annual energy needs through on-site renewable resources, eliminating the use of fossil fuels.
For more information about KSPP, visit https://www.kapsarc.org/about-the-school/.
Follow KSPP on social media:
- X: @KAPSARC_SPP
- LinkedIn: @ KAPSARC School of Public Policy
KAPSARC is a leading think tank dedicated to advancing knowledge on energy, environment, and regional economic issues. Accredited observer of UNFCCC, KAPSARC actively contributes to global climate action. The mission of KAPSARC is to advance Saudi Arabia’s energy sector and inform global policies through evidence-based advice and applied research. For more information about the center please visit: https://www.kapsarc.org/
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