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Maurel & Prom gets $600 million six-year term loan with nine banks
By Marisa Wong
Morgantown, W.Va., Dec. 12 – Maurel & Prom SA announced it signed a $600 million term loan due December 2023 with a group of nine international banks.
Interest is equal to Libor plus 150 basis points.
The loan requires 16 quarterly payments beginning March 2020.
The participating banks are MUFG, Natixis, PT Bank Mandiri, Sumitomo Mitsui Banking, Credit Agricole, DBS, ING, HSBC and PT Bank Negara Indonesia.
Maurel & Prom said it is refinancing its entire debt on favorable terms and rescheduling payments over a seven-year period, including a two-year grace period. In addition to entering into the bank loan, the company also obtained a shareholder loan with an initial amount of $100 million.
The comprehensive refinancing also includes the repayment of roughly $759 million of existing debt, including $325 million of revolving debt, about $222 million of loans from majority shareholder Pertamina International EP and about $212 million of Ornanes due 2019 and 2021 held by Pertamina.
The Ornane redemption will take place in the first quarter of 2018, the company said.
Maurel & Prom is an oil company based in Paris.
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