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Haya Rashed Al Khalifa advises BNP Paribas on a USD 40,000,000 senior secured facility

June 2013

 Haya Rashed Al Khalifa Attorneys have acted as Bahraini legal counsel to BNP Paribas in a project financing (Galoc Field) that comprised of a USD 40,000,000 senior secured facility to, inter alia, Otto Energy Limited, Forum Energy and FEPC. Under the Facility Agreement, FEPC will borrow US$2.58 million (the “Forum Tranche”) as part of its share of capital expenditure committed to the development with the balance being funded from existing cash resources.  Key terms of the facility are (i) 3 year tenor term loan facility will expire on December 31 2015 (ii) Repayments are to commence in Q1 2014 and, (iii) Interest costs at a competitive market rate.

The Forum Tranche is secured on FEPC’s interests in the Galoc field and Forum Energy and Otto guarantee the Company’s shares in FEPC and the Forum Tranche jointly and severally.

BNP Paribas is one of the world\'s largest global banking groups, headquartered in Paris, with its second global headquarters in London. It is BNP Paribas is a leader in banking and financial services in Europe. In 2012, Bloomberg and Forbes ranked BNP Paribas as the third largest bank in the world, as measured by total assets.

The Haya Rashed Al Khalifa team was led by partner Ronald Langat assisted by senior associate Elie Yazbeck.

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