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INEOS Secures £220m Reserve-Based Lending Facility

Source: www.gulfoilandgas.com 9/7/2016, Location: Europe

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INEOS UK E&P Holdings Limited confirms that it has entered into its first reserve-based lending facility (RBL Facility). The RBL facility is a senior secured five-year £220 million facility and has been secured on attractive terms on the back of the recently-acquired high quality, low risk assets from DEA UK and Fairfield Energy. The Facility will enable repayment of part of INEOS’ equity financing for the acquisitions of DEA UK and Fairfield Energy and will facilitate future development expenditures.

“INEOS is a new entrant to the North Sea and this first step into the oil and gas backed lending market demonstrates support for both our strategic vision and our ambitious plans for the future.” “This first RBL facility is a landmark for INEOS and validates the quality of the assets we acquired in 2015. It is seen as a catalyst to develop future projects and continue to pursue opportunities in the North Sea” said Geir Tuft, INEOS Breagh CEO.

The facility has been arranged by HSBC and Lloyds with participation from Barclays, Deutsche Bank, Goldman Sachs and Bank of Montreal. Ondra advised INEOS UK E&P Holdings Limited.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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