Global law firm Proskauer represented Pacific Rubiales Energy Corp. in the closing of a new $1 billion senior unsecured revolving credit facility, as well as a $250 million senior unsecured term loan facility, effectively restructuring the company’s existing revolving credit facilities.
Bank of America was the administrative agent on the revolving credit facility, which Pacific Rubiales entered into with a syndicate of 20 international lenders. Merrill Lynch, Pierce, Fenner & Smith Inc. and J.P. Morgan Securities LLC acted as joint lead arrangers and joint bookrunners. HSBC Bank USA acted as administrative agent on the term loan facility and HSBC Securities (USA) Inc. acted as sole lead arranger and bookrunner. The net proceeds of the two facilities will be used to finance working capital needs, capital expenditures and general corporate purposes.
Pacific Rubiales is a public company listed on the Toronto and Colombian stock exchanges. It owns 100 percent of Meta Petroleum Corp., Pacific Stratus Energy Corp., PetroMagdalena Energy Corp. and C&C Energia Ltd., which own oil fields in Colombia, and 100 percent of Petrominerales Ltd., which owns oil assets in Colombia and oil and gas assets in Peru. The company also has a diversified portfolio of assets beyond Colombia and Peru, including producing and exploration assets in Guatemala, Brazil, Guyana and Papua New Guinea. Proskauer has represented Pacific Rubiales in a number of matters, including two high yield offerings in December 2013 to finance the acquisition of Petrominerales, which was recognized by Canadian Dealmakers as “Foreign Outbound (Global) Deal of the Year.”
The Proskauer team was led by Latin America Group partner David Fenwick and Latin America Group head Carlos Martinez, and included partner Richard Corn (Tax), and associates Michael McCourt and Jamie Bowles (Tax).
