Global law firm White & Case LLP has advised Sumitomo Mitsui Banking Corporation, ING Bank N.V. and Crédit Agricole Corporate and Investment Bank as initial mandated lead arrangers on the financing of Trident Energy L.P.’s proposed US$1 billion acquisition of the Pampo and Enchova oil fields in Brazil from Petrobras S.A.
"This is the first reserve based lending (RBL) transaction in Brazil of its kind," said White & Case partner Tom Bartlett, who co-led the Firm's deal team. "White & Case has a long standing relationship with these lenders and this transaction leveraged our depth of experience in negotiating RBLs and highlights our strong presence in the oil & gas sector, Brazil and Latin America more widely. It follows our recent role advising Energean on its US$750 million acquisition of Edison’s upstream oil & gas assets and advising the mandated lead arrangers on the first RBL transaction in Mexico."
Trident Energy L.P., a Warburg Pincus-backed firm which specializes in optimizing mid-life oil assets, was the winner of the competitive bidding process. The sale of the oil clusters is a result of the increase in merger and acquisition activity in Brazil’s upstream sector and Petrobras’ divestment program of its non-core assets.
The White & Case team which advised on the transaction was led by partners Mukund Dhar and Tom Bartlett (both London) and counsel Meredith Campanale (London), with support from partners John Anderson (Sao Paulo) and Ingrid York (London) and associates Radhika Wason, Nathaniel Crowley, Bruna Beloso and Ana Louise O’Sullivan (all London) and Fern Han (Houston).
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