INEOS UK E&P Holdings Limited confirms that it has entered into its first reserve-based lending facility
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.
INEOS 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.