Puma Energy has closed a revolving credit facility (RCF) and term loan facilities worth US$1.37bn with commitments from nearly 50 banks, including several new names.
The global energy group’s facilities were initially launched at US$1.12bn and were oversubscribed – to US$1.6bn – before being scaled back. The financing will be used to repay current debt and for general corporate and working capital purposes.
The facilities comprise a syndicated one-year RCF worth US$520mn, with a portion available for the issuance of off-balance sheet instruments, and a syndicated three-year unsecured bullet term loan facility of US$850mn. An accordion option is also available so the maximum limit of the facilities may be increased by US$250mn.
Mandated lead arrangers and bookrunners for the transaction were: ANZ, Emirates NBD, First Abu Dhabi Bank, Rand Merchant Bank, Industrial and Commercial Bank of China, ING, MUFG Bank, Natixis, Nedbank, Société Générale, Standard Bank and UniCredit.
UniCredit is co-ordinator for the syndication, with Société Générale the documentation agent and ANZ the facility agent.
As well as closing the new facilities, Puma Energy has extended its existing three-year US$415mn RCF originally dated May 4, 2016 for the second time. Commitments had been due to mature in May 2020, but the vast majority will now do so in May 2021.
“We are very pleased to welcome new quality names into our global bank pool,” says Dirk-Jan Vanderbroeck, global head of corporate finance and treasury at Puma Energy. “Importantly, we have increased our new three-year term loan facility while extending the vast majority of commitments in our existing three-year RCF which is in line with our strategy to lengthen our debt maturity profile.”