Reserve-based Financing
We regularly advise on the full range of reserve-based financing products from single field project financings through to multi-field borrowing base facilities. We have also been involved, and in many cases instrumental, in the development of more unconventional debt products for the upstream sector including contingent resource backed facilities such as pre-development sanction facilities.
Outside of the pure“ reserve-based” area, we advise on the full range of other debt products seen in the oil and gas industry including high-yield bonds, acquisition financings and corporate debt facilities for E & P companies( including a wide variety of export credit agency backed corporate debt facilities).
• Assala Energy— refinancing of its facility with a $ 500 million reserve based financing arranged by Citi, ABN AMRO, Natixis, Mauritius Commercial Bank, ING Bank, BNP Paribas, Credit Agricole, Goldman Sachs, Rand Merchant Bank, SMBC and SCB and supported by its assets in Gabon
• BP and ENI— on the $ 2.5 billion prepayment facility for their Angolan subsidiary, Azule Energy
• Caracal Energy Inc.— $ 250 million reserve-based secured facility for the development of its Chad assets( the first reserve— based lending in Chad)
• Cheiron Petroleum Group— The first upstream debt transaction for an independent oil and gas company in Mexico
• Credit Agricole— $ 2.8 billion financing facility in prepackaged Chapter 11 restructuring transaction for McDermott International
• Delek Drilling L. P.— $ 1.75 billion financing for the development of the Leviathan gas field, offshore Israel
• DNB Bank, ING Bank N. V. and Natixis— $ 600 million borrowing base facility made available to Siccar Point Energy to fund the acquisition of OMV’ s North Sea oil and gas business
• Eland Oil & Gas plc— an up to $ 200 million reserve based facility, provided by Standard Chartered Bank, for the primary purpose of funding the development of its Oil Mining Lease( OML) 40 assets in Nigeria
• Eland Oil and Gas— $ 110 million senior reserve based facility agreement and $ 50 million junior facility agreement
• ING Bank N. V. and a syndicate of lenders— $ 900 million senior secured reserve based financing for ONEDyas
• ING Bank N. V., Natixis, Deutsche Bank and a syndicate of lenders— $ 280 million borrowing base facility for Energean for the acquisition of Edison’ s interest in petroleum assets in the UK, Egypt, Greece and Croatia
• Lender— a $ 300 million prepayment agreement in connection with forward sale of crude oil in Nigeria
• Lenders and hedge counterparties— $ 1.25 billion project financing of Isramco’ s participation in the development of the Israeli offshore Tamar gas field
• Maurel & Prom— $ 255 million term loan and revolving credit facilities to fund the development of its assets in Gabon
• Mauritius Commercial Bank— $ 75 million receivables purchase financing relating to a $ 200 million prepayment facility between the borrower as supplier and a buyer supporting a contract pertaining to sale and purchase of commodities in India
• NEO Energy— $ 3.5 billion senior financing and junior financing for NEO Energy to, among other things, acquire Zennor Petroleum Limited, Exxon’ s UK North Sea Assets and Total’ s UK North Sea Assets
• Neptune Energy— $ 2 billion borrowing base facility to acquire Engie’ s 70 percent interest in Engie E & P International SA Offering of 6 5 / 8 % senior notes due 2025 in an aggregate principal amount of $ 300 million and upsizing of senior borrowing base facility to $ 2.6 billion bracewell. com