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