INEOS secures £220m reserve-based lending facility
- INEOS has entered into a £220 million reserve-based lending facility
- The 5-year secured facility is further evidence of the high quality of the recently-acquired portfolio in the North Sea and will provide financial flexibility for future developments
- The proceeds will enable repayment of part of INEOS’ equity financing for the acquisitions of DEA UK and assets from Fairfield Energy and will fund development capital expenditures
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.
Richard Longden (INEOS) +41 (0) 21 627 7063
Mark Killick (Media Zoo) 020 7384 6980 or 07836 634449
Andrew McLachlan (Media Zoo) 020 7384 6980 or 07931 377162
Joseph Wade (Media Zoo) 020 7384 6980 or 07758 074576
INEOS (www.ineos.com) is a global manufacturer of petrochemicals, speciality chemicals and oil products. It comprises 18 businesses each with a major chemical company heritage. Its production network spans 65 manufacturing facilities in 16 countries throughout the world. INEOS products make a significant contribution to saving life, improving health and enhancing standards of living for people around the world. Its businesses produce the raw materials that are essential in the manufacture of a wide variety of goods: from paints to plastics, textiles to technology, medicines to mobile phones – chemicals manufactured by INEOS enhance almost every aspect of modern life.