First reserve based lending in Chad
Bracewell & Giuliani have advised Caracal Energy, a Canadian based international oil exploration and development company, on what is reportedly the first reserve based lending (RBL) in Chad (see Petroleum Review, February 2014). Caracal closed a $140mn reserve based senior secured facility with a syndicate of five lenders led by Natixis and Société Generale Corporate & Investment Banking as initial mandated lead arrangers. The facility is supported by two of the company’s oil fields in Chad and subject to further commitments being received. Caracal also has an option to increase the facility by up to an additional $110mn through an accordion feature.
