PARIS--(BUSINESS WIRE)--Regulatory News:
The Maurel & Prom group (Paris:MAU) (“M&P”, “the Group”) has secured a new bank loan as well as an extension and amendment of its shareholder loan in order to refinance the existing term loan facility which was entered into in December 2017 with a syndicate of lenders.
As a reminder, M&P’s current gross debt before refinancing amounts to $489 million, including $406 million for the term loan, and $82 million (as well as $100 million undrawn) for the shareholder loan from PT Pertamina Internasional Eksplorasi dan Produksi (“PIEP”), M&P’s majority shareholder. Note that M&P’s cash position at the end of March 2022 was $187 million, giving net debt of $302 million.
The documentation for the new loans, with a total available amount of $437 million, was finalised on 12 May 2022, and M&P now has 60 days to draw the bank loan to repay the existing term loan. It should be highlighted that these loans do not include any cap on dividend distributions to be made by M&P.
Olivier de Langavant, Chief Executive Officer at M&P, stated: “In an environment where access to credit is becoming increasingly difficult and costly for companies in our sector, we have secured very favourable borrowing terms for the next six years. Our repayment schedule allows us to confidently continue working on our development and enables the full repayment of our debt even at oil prices well below current levels. Finally, the lifting of restrictions on dividends opens the door to a firm policy of returning value creation to shareholders, within the framework of a balanced capital allocation strategy.”
Key terms of the refinanced debt facilities:
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Bank loan
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Bank loan
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Shareholder loan |
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Available amount |
$188mm |
$67mm |
$182mm |
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Interest rates |
SOFR + 2.00% |
SOFR + 2.25% (0.675% on undrawn portion) |
SOFR + 2.10% |
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Repayments |
18 quarterly instalments |
At maturity |
22 quarterly instalments |
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First instalment1 |
Q2 2023 |
– |
Q2 2023 |
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Last instalment1 |
Q3 2027 |
Q3 2027 |
Q3 2028 |
Impact of the refinancing on debt repayment profile from May 20221:
Object omitted.
The banks participating in the bank loan are: Bank of Tokyo-Mitsubishi UFJ, Bank Mandiri, Crédit Agricole and Kasikornbank. Furthermore, M&P retains the right to upsize the bank loan, with new or existing lenders, under the same conditions, within eight months and up to a maximum amount of $400 million (i.e. a maximum increase of $145 million).
Français |
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Anglais |
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pieds cubes |
pc |
cf |
cubic feet |
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millions de pieds cubes par jour |
Mpc/j |
mmcfd |
million cubic feet per day |
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milliards de pieds cubes |
Gpc |
bcf |
billion cubic feet |
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baril |
B |
bbl |
barrel |
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barils d’huile par jour |
b/j |
bopd |
barrels of oil per day |
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millions de barils |
Mb |
mmbbls |
million barrels |
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barils équivalent pétrole |
bep |
boe |
barrels of oil equivalent |
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barils équivalent pétrole par jour |
bep/j |
boepd |
barrels of oil equivalent per day |
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millions de barils équivalent pétrole |
Mbep |
mmboe |
million barrels of oil equivalent |
For more information, visit www.maureletprom.fr/en/.
This document may contain forward-looking statements regarding the financial position, results, business activities and industrial strategy of Maurel & Prom. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors, such as fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage.
Maurel & Prom is listed for trading on Euronext Paris
CAC All-Tradable – CAC Small – CAC Mid & Small – Eligible PEA-PME and SRD
Isin FR0000051070/Bloomberg MAU.FP/Reuters MAUP.PA
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1 Assuming loans are drawn in full at the end of the authorised 60-day drawing period (July 2022)