Petroleum Africa
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Thursday, May 3, 2018
Puma Energy successfully closed $1.37 billion of RCF and term loan facilities. The facilities comprise a syndicated $520 million one-year revolving credit facility, with a portion available for the issuance of off-balance sheet instruments and a syndicated three-year unsecured bullet term loan facility of $850 million.
The facilities include an accordion option whereby the total amount of the facilities may be increased by $250 million.
The Facilities were significantly oversubscribed versus a $1.12 billion target at launch, with over $1.6 billion of commitments received from 48 banks with a broad geographical split (50% Asia, 23% Europe, 13% Africa, 8% Middle East and 6% Americas).
Puma will use the proceeds to repay existing debt and for general corporate and working capital purposes.
In addition, Puma Energy has successfully exercised its second extension of the existing three-year $415 million RCF originally dated May 4, 2016, with a vast majority of lenders extending by one additional year to May 2021. The remaining commitments will mature in May 2020.
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