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Puma Energy secures $1.55bn from market

Puma Energy has announced the successful closing of its new Revolving Credit Facilities (RCF) totalling US$800m in addition to extending its existing US$750m 3-year facilities.

Facility highlights:

Combined facility amounts oversubscribed and increased to US$ 1.55 billion from US$ 1.25 billion.

• New RCF: US$ 800 million including:

– 3y tranche of US$ 270 million
– 1y tranche of US$ 530 million

• Existing US$750 million 3-year facilities: US$ 635 million (or 85%) were extended by 1-year to 2019. The remaining 15% commitments remain unchanged and will mature in 2018.

Following strong global demand from a range of international banks across six continents, the new RCF was oversubscribed to US$1 billion and the company scaled it back to US$800 million. 35 banks committed to the new RCF. Six new banks joined, including Bank of America Merrill Lynch, DBS Bank Ltd, First Gulf Bank and Agricultural Bank of China Limited, Singapore Branch as Mandated Lead Arrangers.

Denis Chazarain, Chief Financial Officer for Puma Energy said: “For the fifth consecutive year, the market has responded to Puma Energy with clear assurance and we appreciate the strong support for our business model we have received from banks. We are now well positioned with strong liquidity and long-term funding for the next phase in our growth strategy. I look forward to updating you as the business progresses.”

Puma Energy’s Global Head of Corporate Finance and Treasury, Dirk-Jan Vanderbroeck said: “We are very pleased to welcome new quality names into our global bank pool. Importantly, we added a new 3-year facility while extending the vast majority of the existing 3-year tranches, which is in line with our strategy to lengthen our debt maturity profile.”

The deal was led by 10 Mandated Lead Arrangers and Bookrunners (Australia and New Zealand Banking Group Limited, Coöperatieve Rabobank U.A. (trading as Rabobank London), Emirates NBD Capital Limited, Industrial and Commercial Bank of China (Europe) S.A., Amsterdam Branch, Industrial and Commercial Bank of China Limited, London Branch, ING Bank N.V., Natixis, Nedbank Limited, London Branch, Société Générale Corporate & Investment Banking (the Corporate and Investment Banking Division of Société Générale), The Standard Bank of South Africa Limited (acting through its Corporate and Investment Banking Division), UniCredit Bank AG and 2 Senior Mandated Lead Arrangers (Bank of China Limited, Luxembourg Branch and Firstrand Bank Limited (acting through its Rand Merchant Bank Division).

Agricultural Bank of China Limited, Singapore Branch, Bank of America Merrill Lynch, DBS Bank Ltd, First Gulf Bank, Goldman Sachs Bank USA, Union National Bank PJSC, Raiffeisen Bank International AG and The Bank of Tokyo-Mitsubishi UFJ, Ltd. acted as Mandated Lead Arrangers.

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