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02/19/2010 / UNITED KINGDOM / EQUITY CAPITAL MARKETS - NATURAL RESOURCES, INFRASTRUCTURE AND POWER
Crédit Agricole CIB booked two major transactions with Tullow Oil
Crédit Agricole CIB successfully closed a 2-year USD 250 million secured corporate facility with Tullow Oil. The club-deal transaction was largely oversubscribed and was coordinated by Crédit Agricole CIB, as documentation bank and technical bank (with a USD 50 million final take) and BNP Paribas as facility and security agent. The financing is secured by Tullow's promising exploration and appraisal assets in Uganda.
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This facility is the third financing in favour of Tullow in less than 12 months in which Crédit Agricole CIB has played a prominent role, after the USD 2 billion RBL facilities in March 2009 and a USD 150 million bridge facility in July 2009.
This transaction further highlights Crédit Agricole CIB top-tier status amongst Tullow's relationship banks.
On January 27th 2010, Crédit Agricole CIB successfully launched a USD 1.5 billion capital increase for Tullow Oil through a primary accelerated bookbuilding. The books opened early in the morning and were closed only a few hours later. The offer was twice covered and priced at only a 5% discount compared to the last close price.
Crédit Agricole CIB was one of the bookrunners along with BOA Merrill Lynch, RBS and BNP Paribas.
It represents the Bank’s first major achievement in the United Kingdom and its largest Equity Capital Markets transaction in the Oil & Gas sector in Europe ever.
It represents the Bank’s first major achievement in the United Kingdom and its largest Equity Capital Markets transaction in the Oil & Gas sector in Europe ever.