UK: Clyde & Co Advises On US$425 Million Borrowing Facility
Last Updated: 11 July 2016

Global law firm Clyde & Co has advised New Age (African Global Energy) Limited, a private African-focused oil & gas company, on a US$425 million senior mezzanine loan facility.

The proceeds of the secured loan facility will be used to further expand oil & gas production activities in several regions across Africa and the Middle East. It will also be used to develop new oil and gas fields in New Age's portfolio.

The facility, provided by a consortium of five lenders, was led by EIG Global Energy Partners and the Africa Finance Corporation.

The deal was led by Partner Mike Wachtel, assisted by Hannah Doherty (Legal Director), Caroline Clapham (Associate), Isabelle Desgranges (Associate), Mays Kadhim (Junior Associate) and Jeremy MacIver (Junior Associate).

Mike Wachtel, Partner at Clyde & Co, commented: "We are delighted to have worked with New Age on this complex secured loan facility deal. It is a significant sum of money that will enable New Age to continue their impressive growth trajectory and boost production on existing fields"

"As a firm we are pleased to have been able to offer the full range of expertise required to complete the deal and look forward to working on similar projects in the future. This transaction demonstrates that despite the global downturn in the oil price there is still investor appetite for attractive propositions with quality management and low cost assets in developing markets."

Clyde & Co's global oil & gas team consists of a core group of lawyers who devote their respective practice areas expertise to the oil & gas industry. Our dedicated corporate oil & gas team advises clients on the whole spectrum of corporate work with a particular specialism in advising clients in relation to transactions and financing involving assets in challenging jurisdictions and developing markets where seizing opportunities and providing innovative solutions is of paramount importance.

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