Skadden represents Canacol Energy in revolving credit facility
Skadden Arps Slate Meagher & Flom has represented a syndicate of lenders in connection with a refinancing transaction of Canacol Energy.
On July 31, 2020, Canacol entered into a $75 million unsecured bridge loan (bridge loan) and a $46 million unsecured revolving credit facility (RCF) totalling $121 million with a syndicate of banks. The maturity of the facilities would be 31 July 2023.
In turn, on 17 February 2023, the maturing credit facilities, of which a total of $25 million had been drawn down, were repaid and terminated and replaced with a new $200 million senior unsecured revolving credit facility with a syndicate of banks.
The new facility bears an annual interest rate of SOFR + 4.5% and matures in February 2027. The company can repay/withdraw the new loan at any time within the four-year term without penalty.
Citigroup Global Markets, Deutsche Bank, AG, and JPMorgan Chase Bank acted as joint lead arrangers and joint bookrunners, while Bancolombia (Panama) and Banco Davivienda acted as mandated lead arrangers.
Skadden’s team included partner Alejandro Gonzalez Lazzeri (pictured) and associate Jenny Ferron in New York, as well as associate Alejandro Ascencio and international visiting attorney Carlos Lozano in London.
