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HERBERT SMITH’S energy finance team advised the Royal Bank of Scotland plc (RBS), as documentation bank and facility coordinator, and International Finance Corporation (IFC) on a syndicated…
HERBERT SMITH’S energy finance team advised the Royal Bank of Scotland plc (RBS), as documentation bank and facility coordinator, and International Finance Corporation (IFC) on a syndicated hybrid revolving credit facility for Cairn Energy PLC.
The funds will primarily be used to finance Cairn Energy’s operations in oil field development and production, particularly in the Rajasthan block in India, which includes the Mangala Field, the largest oil discovery in India for 22 years. The funds will also be used to refinance existing debt.
The Herbert Smith team was led by partner Adrian Cheng and head of finance Jason Fox, assisted by associates Wanda Tomaszek and Thomas Bethel.
“This is the largest reserve based lending for at least a decade and the fact that the facility is supported exclusively by a South Asian asset base makes it unique,” Cheng said.
Herbert Smith advised the lenders on English law, while law firm Stibbe, with which Herbert Smith have an alliance, advised on Dutch law. Herbert Smith also worked with local counsel Freehills (Australia), Maclay Murray & Spens (Scotland) and J Sagar Associates (India).
McGrigors advised Cairn Energy.
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