Herbert Smith Freehills has advised BNP Paribas on a $1.65 billion financing in connection with Ithaca Energy's acquisition of Chevron North Sea Limited.
The financing provided by BNP Paribas (and to be syndicated prior to financial close) was signed on 29 May 2019 and financial close is expected to complete towards the end of the third quarter, 2019, following approval of the acquisition by the UK Oil and Gas Authority. The transaction, which sees Ithaca Energy acquire stakes in 10 North Sea oil fields, represents Ithaca Energy's strategy of growing its exploration and production capabilities and will enable the company to increase output to 80,000 barrels a day.
Herbert Smith Freehills' team was led by London finance partner William Breeze and senior associates Anita Gulanikar and Rakhee Patel, with support from Michael Poole and Mika Morissette.
William Breeze commented: "By expanding its portfolio of North Sea assets with the acquisition of these oil fields, Ithaca Energy is strengthening its commitment to the region and its determination to deliver on its long-term strategy. Our own team's expertise in the energy sector combined with our experience of debt financing ensured we were able to deliver for all parties involved. We look forward to working together to bring the deal to a successful conclusion."