Find out all Crédit Agricole CIB's information on real time : latest deals, leagues tables, awards, flash. And every month, our special report on an current subject.
06/01/2010 / EQUITY CAPITAL MARKETS - NATURAL RESOURCES, INFRASTRUCTURE AND POWER
Crédit Agricole CIB successfully closed a landmark Reserve Based Lending facility in favour of Perenco
Crédit Agricole CIB has arranged a USD 2.8 billion syndicated Reserve Based Lending (RBL) facility in favour of Perenco. Crédit Agricole CIB acted as mandated lead arranger and bookrunner jointly with BNP Paribas and Société Générale CIB, and also acted as lead technical bank and modelling bank.
The facility was largely oversubscribed and is split between:
- a senior secured revolving reducing borrowing base tranche of USD 1 billion (with an option for such tranche to increase up to USD 2 billion),
- a senior secured standby letter of credit tranche of GBP 500 million.
The Borrowing Base is comprised of a diversified pool of oil and gas assets, over 110 producing fields spread across eight countries worldwide.
This facility is the largest of its kind ever arranged in the European market. It will primarily be used for Perenco's continuing growth by funding appropriate new acquisition opportunities that complement the company's existing portfolio.
Perenco is one of the leading European independent oil & gas companies with onshore and offshore operations in 16 countries across the globe.