Watson, Farley & Williams Asia Practice has advised Malaysian oil and gas company SapuraKencana Petroleum on the debt and equity financing of its $2.9 billion acquisition of Seadrill Tender Rig, with Norton Rose advising certain lenders.
The acquisition included the purchase of 18 tender drilling rigs from Seadrill, including six semi-tenders, nine tender barges and three newbuilds. In addition to the equity provided by SapuraKencana, the financing also included a $1.85 billion (RM5.5 billion) loan facility and a $550 million (RM1.64 billion) equity placement arrangement.
In the loan facility transaction, Standard Chartered acted as the coordinating bank, Maybank as the agent and security agent, and the lenders included ABN AMRO, AmInvestment, BNP Paribas, CIMB, HSBC, Maybank and Malayan Bank, RHB, Standard Chartered and UOB Malaysia.
In the equity placement, SapuraKencana placed 587 million new ordinary shares, with CIMB, Maybank and CIMB Securities acting as placement agents.
WFWAP finance partner Andrew Nimmo led the debt financing team, while corporate partner Nicholas Hanna led the advice on the private placement.
The Norton Rose team advising Standard Chartered Bank as coordinating bank and other lenders on the $1.85 billion bridge financing to SapuraKencana was led by banking and finance partner Yu-En Ong, who was supported by shipping partners Gervais Green and Robert Driver.
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