Puma Energy successfully closes oversubscribed revolving credit facility and completes covenant amendment request
30 Apr 2019
Singapore, 30 April 2019 - Puma Energy is pleased to announce that it has successfully closed a 1-year US$350 million Revolving Credit Facility, with two 1-year extension options, to refinance the Company’s existing 1-year US$520 million revolving credit facility dated April 2018.
In conjunction with this refinancing, the Company also successfully updated the financial covenants in all its outstanding syndicated and bilateral loan facilities (the “Existing Facilities”).
Based on an initial launch size of US$250 million, the New Facility was significantly oversubscribed with US$420 million of commitments received from 26 banks with a broad geographical split (38% Europe, 35% Asia-Pacific, 19% Africa, 4% Middle East and 4% Americas).
Australia and New Zealand Banking Group Limited (“ANZ”), Bank of America Merrill Lynch (“BofAML”), Industrial and Commercial Bank of China Limited, London Branch, ING Bank N.V., Natixis and Société Générale acted as Mandated Lead Arrangers and Active Bookrunners for the transaction, with Natixis and Société Générale acting as the Coordinators for the syndication, with BofAML acting as the Documentation Agent and ANZ acting as the Facility Agent.
In parallel to the refinancing, the Company also requested amendments to certain provisions relating to the Interest Cover Ratio and Consolidated Net Worth covenants in its Existing Facilities to conform those provisions to the equivalent provisions in the New Facility.
The Company received consents exceeding the required Majority Lender threshold (66 2/3 % of total commitments) across the syndicated facilities. The amendments requested to Puma Energy’s outstanding bilateral facilities were also successfully passed on time, on the back of strong relationships with the Company’s existing lenders. BofAML acted as Sole Coordinator on the covenant amendment requests across the Existing Facilities.
Denis Chazarain, CFO at Puma Energy, said:
“I am delighted to confirm the successful close of this facility and am grateful for the continued support from our lending banks. I am also very pleased to note the strong endorsement from the banking community for our covenant amendments. Together with our focus on the operational basics, including reducing our leverage and maintaining strict cost and capital controls; these amendments to our covenants will help enable us to implement our strategy to realise the full potential of Puma Energy.”
This announcement contains inside information under Article 17 of Regulation (EU) 596/2014 (16 April 2014).
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About Puma Energy
Puma Energy is a leading global energy business which supplies, stores and distributes petroleum products in 48 countries across six continents. Founded in 1997, Puma Energy has its headquarters in Singapore and Geneva and regional hubs in South Africa, Puerto Rico, Australia and Estonia, and employs over 8,000 people globally.
Puma Energy has a network of 100 storage terminals, more than 3,000 retail sites, and a presence at over 80 airports. Our mission is to energise communities to help drive growth and prosperity by sustainably serving our customers’ needs in high potential countries around the world.
For further information visit: www.pumaenergy.com