23 August 2004 LAWFUEL – Best for legal news, law news, law articl…

23 August 2004 LAWFUEL – Best for legal news, law news, law articlesHerbert Smith has advised J.P. Morgan plc as bookrunner of a US$600 million senior secured reducing revolving credit facility for Paladin Resources plc, a leading independent British oil and gas company.

Paladin is planning to use the credit facility to re-finance existing indebtedness and to fund its general corporate needs.

The loan is secured against assets in a number of jurisdictions including the UK, Norway and the British Virgin Islands.

J.P. Morgan plc is a long-standing client of Herbert Smith in the area of energy finance. Most recently the firm advised them on a US$600 million secured credit facility to provide financing for the development of Intrepid Energy North Sea Limited’s interest in the Buzzard Field, one of the North Sea’s largest oil fields.

Herbert Smith has also advised J.P. Morgan plc in relation to a number of previous finance facilities made available to Paladin.

The Herbert Smith team advising on this transaction was led by Jason Fox and Andrew Preece. They were assisted by Adrian Cheng and Kerry Langton.

Andrew Preece commented:

“Our experience of advising JP Morgan on energy finance transactions together with our reputation in the oil and gas sector made us the logical choice for this deal. It was great to have been given the opportunity to work with them again.”

Local counsel to J.P. Morgan plc were Shepherd + Wedderburn (Scotland); Wikborg Rein & Co (Norway) and Harneys (British Virgin Islands)

Freshfields Bruckhaus Deringer advised Paladin.

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