Tods Murray LLP's Banking and Corporate teams have recently completed a successful refinancing for Melrose Resources plc, the FTSE 250 oil and gas company which has interests in Bulgaria, Egypt and the USA.
The refinancing involved putting in place increased senior facilities of $440 million and a new subordinated facility of $70 million. The principal lenders are the Bank of Scotland plc acting as the mandated lead arranger and BNP Paribas, Société Générale and the IFC as senior lead arrangers.
Tony Watson led the Banking team with support from Stephen Chan on the corporate aspects of the transaction. Much of the negotiations involved agreeing the basis of how availability under the new senior facility was calculated and reviewed. Melrose's own comments on the new facilities were that the new facilities provide it with substantial borrowing headroom and that Melrose is well placed to pursue its active exploration and development programme".
Tods Murray are delighted to have advised Melrose in this complex transaction which involved negotiating the revised terms of the funding documents, project-managing a team of six foreign law firms and putting in place a security package acceptable to the syndicate banks across each of these jurisdictions.
Tony Watson
Stephen Chan