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Sunday, September 17, 2017
14 September, 2017 – Puma Energy, the globally integrated midstream and downstream energy company, has successfully closed a US$350 million term loan facility (the “Facility”). The Facility comprises a syndicated US$350 million five-year unsecured amortising term loan facility (“Tranche A”), including an accordion feature of up to US$75 million, and a six-year unsecured bullet term loan facility (“Tranche B”) of up to US$75 million which can be privately placed with institutional investors.
The proceeds of the Facility will be used to repay existing debt and continue to extend the current maturity profile of the Group.
Tranche A pricing is based on a leverage grid and is capped at US$ Libor + 285 bps.
This Facility marks an important first for Puma Energy: the five-year tenor for the syndicated unsecured term loan is a step-change from the three year maturities previously obtained from the syndicated loan market. It underlines the stability, diversification and cash flow generation of Puma Energy’s vertically integrated fuel distribution platform.
Tranche A was launched at US$250 million to Puma Energy’s core relationship banks. Following strong support, Tranche A was signficantly oversubscribed and increased to US$350 million.
Industrial and Commercial Bank of China Limited, London Branch, ING Bank N.V. (Coordinator), Qatar National Bank (Q.P.S.C), Paris Branch, and Rand Merchant Bank, a division of FirstRand Bank Limited (London Branch) were the mandated lead arrangers and bookrunners for the transaction. ING Bank N.V. will act as Facility Agent.
Denis Chazarain, CFO at Puma Energy, said:
“I am very pleased to announce this successful and oversubscribed five-year credit facility; it is a testament to how the business is currently positioned and provides us with a significantly enhanced balance sheet to realise our growth potential. I would also like to thank our mandated lead arrangers and bookrunners and the whole syndicate for their support.”
Dirk-Jan Vanderbroeck, Global Head of Corporate Finance & Treasury at Puma Energy, said:
“We value the support of our banking partners for this facility, which not only enhances our debt maturity profile but also continues to develop Puma Energy’s footprint with our core banks in the loan market. In addition, it provides us with an opportunity to do the same with institutional investors in the private placement market.”
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