SECURED TERM CREDIT FACILITY
US$350 million out of which EDC participation US$60 million
(Gabon - Oil Producer)
Lenders - syndicate of 8 banks
Co-Arranger of EDC Participation - Cofarco SAS
Cofarco co-arranges Export Development Canada’s participation in a $350 senior secured credit facility for Maurel et Prom
Cofarco, jointly with a financial advisory company in the US, arranged Export Development Canada’s (EDC’s) $60 million tranche of a $350 million senior secured facility that Maurel et Prom Gabon closed in January with a syndicate of eight financial institutions. The facility will be used to refinance an existing senior secured reserve based lending facility and support Maurel et Prom’s capital expenditures in Gabon.
Acting as an independent advisor, Cofarco was mandated by Maurel et Prom to secure and coordinate EDC’s participation in the facility. Under the terms of its mandate, Cofarco was responsible for:
- Reviewing existing financing arrangements and the projected funding needs;
- Preparing a presentation of M&P’s environmental compliance for EDC as part of its due diligence process;
- Presenting the facility to EDC and coordinating Q&A among M&P, EDC, and the facility agent on the key terms and conditions;
- Advising on the terms and conditions of EDC’s tranche; and
- Working with M&P, the facility agent, and EDC to close the legal documentation in due time.