UK: Ince & Co Advises Oro Negro On US$725 Million Senior Secured Bond
Last Updated: 6 February 2014

The largest high yield bond issuance in the Norwegian market to date

For Immediate Release: 5 February 2014

International law firm Ince & Co Singapore LLP represented Oro Negro in its international bond issuance, an offering of US$725 million Notes due 2019. The transaction closed on 24 January 2014. The Bonds are registered and issued in the Norwegian Central Securities Depository (Verdipapirsentralen or VPS) and an application will be made for the Bonds to be listed either on the Irish Stock Exchange or Luxembourg Stock Exchange.

The sole arranger was Pareto Securities AS and Pareto Securities Pte. Ltd., an independent investment bank headquartered in Oslo, Norway.

The purpose of the issuance is to refinance the acquisition of three already delivered new jack-up rigs, to finance the acquisition of a fourth new jack-up rig, and for general corporate purposes.

Ince & Co partner Martin Brown, who heads the firm's finance group in Singapore led the team, and was supported by Charmaine Lim and Incisive Law LLC Director Bill Ricquier. 

Martin Browncomments: "This transaction is very good news for both the global high yield market and the oil services sector including the jack-up rig market operating in the Mexican Gulf of Mexico."

"It highlights the increasing investment in higher specification rigs capable of drilling in deeper water depths with greater efficiency and technical capabilities, together with the Norwegian market's continued role as an attractive and efficient hub for financing for the offshore industry, with an increasing number of issuers accessing the market and with a more geographically diverse investor base supporting such transactions,"  Martin said. "We are delighted that each of these factors came together, and that we could assist Oro Negro on this successful transaction."

Gonzalo Gil White, Chief Executive Officer of Oro Negro, added: "We are very pleased with this transaction which strikes a prudent balance between the gradual deleveraging of our balance sheet and the flexibility to address growth opportunities. The paper was very well received in the market, reflecting confidence on the fundamentals of the Mexican energy sector and the solid foundation of Oro Negro. We are delighted working again with our finance and legal partners, who together brought this market-leading transaction to a successful close."

The Ince & Co finance team has a strong reputation advising on transactions in the shipping and offshore oil and gas sectors, particularly on finance transactions and general asset-related instructions.

About Oro Negro

Oro Negro is a Mexican limited liability company created with the purpose of integrating diversified oil and gas services companies and assets. Oro Negro will acquire controlling interests in operating companies, strategic standalone assets and assignable contracts in the oil and gas services sector, by way of merger, stock exchange, asset acquisition, stock purchase, reorganization or other similar transaction, to form a diversified and integrated oilfield services company. Oro Negro benefits from the proprietary deal flow that emanates from the specialized energy sector financing business of its affiliated companies, Axis, Navitas and Navix; from the industry knowledge of its top management; the transactional experience of its founders and the strategic partnerships it has with world-class operators in the oil field services area.

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