Andean Projects Tap Reserve-Backed Loans

Andean Projects Tap Reserve-Backed Loans


Two Andean-based energy producers claim to be within reach of a combined $340m in project loans. Both transactions make use of reserve-based lending structures, whereby the borrower pledges reserves of gas or oil to obtain bank funds. Pacific Rubiales, a Canadian headquartered company has pledged Colombia-based oil and gas reserves to raise $250m in 4-year funds at Libor 550bp. The club deal, being led by BNP Paribas, is heard to have garnered a few commitments, but is hoping to bring on board a

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