Gasol Gets USD 76 Mln Debt Facility from Deutsche Bank

Gasol Gets USD 76 Mln Debt Facility from Deutsche Bank

Gasol announced that the company has entered into a US$76 million debt facility with Deutsche Bank to partly fund its proposed acquisition of 100% of the issued share capital of Energie de Côte d’Ivoire S.A. (Enerci) from GDF SUEZ E&P International.

The acquisition was announced by Gasol on 20 December, 2013 and Gasol’s shares were suspended with effect from 23 December, 2013 as by virtue of Enerci’s size relative to the company’s, the acquisition constitutes a reverse takeover under the AIM rules for companies.

The facility has a final maturity of 13 months from satisfaction of all conditions precedent under the facility. The interest rate under the facility during the term is LIBOR plus between 4 and 9 per cent.

Entry into the US$76m debt facility with Deutsche Bank triggers the payment by Gasol to the seller of a deposit of US$2m under the acquisition agreement with the seller, which will form part of the consideration payable at completion. The deposit is repayable by the Seller to the company in certain circumstances.

The acquisition constitutes a reverse takeover under the AIM Rules for companies and, accordingly, is conditional upon the publication of an admission document by the Company and the approval of the Company’s shareholders at general meeting. Completion of the acquisition is also conditional upon, inter alia:

  • approval of the Acquisition by the government of Côte d’Ivoire; and
  • waiver of their pre-emption rights by Enerci’s venture partners.

[mappress]
LNG World News Staff, January 13, 2014; Image: Gasol