Didier Gaffinel: We obtained it thanks to the close collaboration between the Reserve Based Lending (RBL) and Equity Capital Markets (ECM) teams. While considering the possibilities for refinancing the existing RBL facility, the RBL teams identified as early as 2008 the challenges of refinancing the 2010 OCEANE. That made it possible for the ECM team to offer a refinancing solution at a very early stage in the process. This solution involved redeeming the old OCEANE and issuing a new one while at the same time providing new RBL financing. Taken separately, neither the RBL nor the OCEANE could have solved the company’s financial needs.

Frank Pluta: The RBL financing, for which Calyon acted as lead manager and technical bank, was initially concluded on January 30, 2009. Following the disposal of the Group’s oil assets in Colombia for USD 742 million, the financing was reconfirmed for the initial amount of USD 255 million by the four international banks of the banking consortium on May 29, 2009.
The issuance of a new OCEANE, which comes one month after the signing of the RBL financing agreement, is therefore an integral part of Maurel & Prom’s overall refinancing plan. Initiated and advised by Calyon, the new offering aims to provide the group with significant financial resources for its development.

Frank Pluta: The finalisation of this overall refinancing plan also enables Calyon to strengthen its presence and proximity to the client. Maurel & Prom is unique in France, since most of the independent oil companies are Anglo Saxon (U.S., U.K., Canadian, etc.) companies listed in London or Toronto.