Global legal practice Norton Rose Fulbright has advised a syndicate of lenders on a US$600 million equivalent five-year club loan for Brightoil Petroleum (Holdings) Limited. The lenders were China Development Bank (Hong Kong branch), China Minsheng Bank (Hong Kong branch), China CITIC Bank International, China Merchants Bank (Hong Kong branch) and Wing Lung Bank.
Brightoil is a privately-owned Chinese energy company with a global presence focusing on oil storage and terminal facilities, marine transportation, international trading and bunkering, as well as upstream oil and gas exploration.
The funds were used by Brightoil to partially fund the successful US$1.075 billion cash acquisition of Kerr-McGee China Petroleum Ltd. (incorporated in the Bahamas). Kerr-McGee China Petroleum is the China unit of Texas-based Anadarko Petroleum Corporation and is principally engaged in oil and gas exploration, development and production. The loan was the subject of an extensive security package.
China Minsheng Bank (Hong Kong branch) also acted as documentation agent, facility agent and security agent.
Davide Barzilai, partner in the Hong Kong office of Norton Rose Fulbright, commented:
“We worked on tight timeframes with all the lenders to enable Brightoil’s milestone transaction representing its push into the upstream sector and its diversification into an integrated oil and gas company.”
The team was led in Hong Kong by banking partner Davide Barzilai and in Shanghai by oil and gas partner Fei Kwok, who were assisted by associate Rick Wei.
