Ashurst advised Iona Energy on a senior secured borrowing base facility (“BBF”) for up to US$250 million with a group of three banks led by Bank of America Merrill Lynch, Lloyds TSB Bank plc, and BNP Paribas. The BBF was entered into in connection with Iona Energy’s acquisition from Carrizo Oil & Gas Inc of an interest in the Huntington Oil Field.
The Ashurst team was led by energy finance partner Huw Thomas, assisted by senior associate Nick Ross-McCall and associate Grant Batten.
Ashurst also advised Iona Energy on a US$60 million structured energy derivative transaction with Britannic Trading Ltd., a subsidiary of BP International Limited. The Ashurst team on the energy derivative transaction was led by Kerion Ball, securities and derivates group counsel, assisted by associate Oliver Attinger.
Huw Thomas commented: “We are delighted to have advised Iona Energy on these significant transactions. Reserve based lending and structured energy derivatives continue to be a core part of Ashurst’s cross-border energy finance practice.”
