11 September – LAWFUEL – The Law News Network – Herbert Smith has advised ABN AMRO, Bank of Scotland and BNP Paribas on the UK market’s largest borrowing base facility as joint mandated lead arrangers of $850 million senior and junior secured credit facilities for Tullow Oil plc.
Tullow Oil is one of the largest independent oil and gas exploration and production companies in Europe. The group is listed on the London and Irish stock exchanges and has its core operations in NW Europe, Africa and South Asia.
Herbert Smith’s advisory role to the banks was won by competitive tender and follows an earlier financing for the same banks in March 2005 – a £161.5 million borrowing base facility for Tullow Oil SK Limited, a Tullow Oil subsidiary.
The Herbert Smith team was led by partner Jason Fox, head of the firm’s finance division and senior associate Adrian Cheng. They were assisted by Olivia Caddy, Richard Phillips and Kerri Scott.
“In the last 12 months Herbert Smith’s finance division has advised the lenders on five of the largest reserve base lending facilities: Paladin, Marubeni, Tullow Oil, Addax Petroleum and CIECO. Tullow Oil is the largest such deal in the market and cements our reputation as the leading adviser to lenders on structured oil and gas financings.”
Norton Rose advised the borrower, Tullow Oil.