Rare European underwrite as Premier Oil gets $550m deal

Premier Oil, the UK company, has secured a $550m facility to back its acquisition of Canadian group Oilexco’s North Sea business. The loan, which will be sold down to relationship banks, is one of the first underwritten deals mandated in Europe this year.

  • 25 Mar 2009

The debt has been provided by Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, HSBC, Lloyds Banking Group and Royal Bank of Canada. The deal is split between a $175m 18 month bridge facility, a $225m three year revolver, and three year L/C tranches of $63m and £60m ($87m).

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1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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5 Credit Suisse 51,560.77 157 5.45%