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DEALS - OPERACIONES
Herbert Smith has advised Perenco, one of Europe's leading independent oil & gas companies, on a US$2.8 billion reserve-based lending (RBL) facility. The aggregate value of the facility makes it the largest in the market. It is capped initially at US$1.8 billion and is split between a senior secured revolving reducing borrowing base facility of US$1 billion and a senior secured standby letter of credit facility of £500 million. The borrowing base tranche of US$1 billion includes an option so that it can be increased up to US$2 billion and it will primarily be used for Perenco's continuing growth by funding appropriate new acquisition opportunities that complement the company's existing portfolio. The transaction covers assets in a diverse range of jurisdictions. Jason Fox, head of energy finance, led a cross-border team from Herbert Smith advising Perenco. Jason commented: "This is another landmark for reserve-based lending and demonstrates the flexibility of the product and lenders' increasing willingness to provide funds to high-quality, ambitious independents not only for the development of new or existing assets, but also for acquisition opportunities. The deal sets new benchmarks in the RBL market both in terms of size and complexity, with the facility encompassing reserves in more than 100 fields in multiple jurisdictions." The Herbert Smith team comprised: Olivia Caddy, Fryderyk Hoffman and Ashleen Burrage (London, Finance); Regis Oreal and May Jarjour (Paris, Finance); Rebecca Major, Bertrand Montembault, Silke Goldberg, Maïa Melyon, Bruno Gay, Sarah Alldritt, Emily Tsokos and Ruth Weston (Paris, Energy and Infrastructure); Paul Griffin, Clare Pope, Jacqueline Knox and Emma Deas (London, Corporate); Miguel Riano, Marta Sanchez-Villalta and Marcos Fernandez-Rico (Madrid, Corporate). Lennox Paton provided advice on Bahamas law, Appleby on Bermuda law, Maples & Calder on Cayman law, Seward & Kissel on Liberian law, Stibbe on Dutch law and Baer & Karrer on Swiss law. Facility Bookrunners were Société Générale, BNP Paribas and Crédit Agricole Corporate & Investment Bank. Lenders also include Bank of Scotland, Citibank, ING, Natixis, Standard Chartered, The Bank of Tokyo-Mitsubishi UFJ and The Royal Bank of Scotland. Allen & Overy advised the lenders.
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