Global law firm Proskauer served as counsel to Pacific Rubiales Energy Corp, the largest independent oil and gas exploration and production company in Colombia, in the closing of two revolving credit facilities totaling US$700 million.
On September 13, 2012, Pacific Rubiales entered into a US$400 million Revolving Credit and Guaranty Agreement with a syndicate of international lenders and Bank of America, N.A., as administrative agent.
Also on September 13, 2012, Meta Petroleum Corp. Colombia Branch and Pacific Stratus Energy Corp. Colombia Branch, subsidiaries of Pacific Rubiales, entered into a Colombian peso equivalent US$300 million Revolving Credit Agreement as borrowers, with a syndicate of Colombian lenders and Sociedad Fiduciaria Bogotá, S.A., as administrative agent.
Pacific Rubiales is a public company listed on the Toronto and Colombian stock exchanges. It owns 100 percent of Meta Petroleum Corp., which operates the Rubiales, Piriri and Quifa oil fields in Colombia’s oil-rich Llanos Basin in association with Ecopetrol, S.A., the Colombian national oil company, and 100 percent of Pacific Stratus Energy Corp., which operates the country’s La Creciente natural gas field.
The Proskauer team was led by Partner Carlos E. Martinez, head of the firm’s Latin America Group, assisted by PartnerDavid Fenwick and Associate Michael McCourt.
Proskauer’s Latin America Group advises a broad range of clients headquartered and doing business in the region. Services include mergers and acquisitions counseling for acquirers and targets; capital markets advice for issuers and underwriters in securities offerings, including initial public offerings and debt offerings; and syndicated lending, project finance, securitization and prepayment of exports transactions for financial institutions, borrowers and sponsors. The group also advises Latin American companies on U.S. Securities and Exchange Commission-reporting obligations and Sarbanes-Oxley compliance matters.
