Herbert Smith Freehills Kramer Advises Meren Coöperatief U.A. On US$600 Million RBL Facility

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Leading global law firm Herbert Smith Freehills Kramer has advised Meren Coöperatief U.A., a subsidiary of Meren Energy Inc. (Meren), on the refinancing of its reserve-based lending (RBL) facility.

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Leading global law firm Herbert Smith Freehills Kramer has advised Meren Coöperatief U.A., a subsidiary of Meren Energy Inc. (Meren), on the refinancing of its reserve-based lending (RBL) facility. The refinanced RBL facility has total commitments of US$600 million with an accordion feature permitting an increase in the total facility size up to US$1 billion. The RBL was oversubscribed which, like other recent RBL transactions on which Herbert Smith Freehills Kramer has acted, shows the continuing buoyancy of the upstream oil and gas sector.

Meren is an independent upstream oil and gas company with interests across the African continent including offshore Nigeria, Namibia, South Africa and Equatorial Guinea. Its main assets are producing and development assets in deepwater Nigeria.

The Herbert Smith Freehills Kramer team was led by partner William Breeze, supported by senior associate Alex Shindler-Kelly and associate Ella Winter.

Partner William Breeze commented: "We are pleased to have advised Meren on this landmark refinancing, which reflects the continued strength of high‑quality upstream assets and sustained lender appetite in the oil and gas sector. The deal also underlines the depth of our upstream finance capabilities and our ability to support complex, cross‑border financings for leading energy."

The firm has advised on a number of other major upstream financings in recent years, including the recent US$3 billion RBL for Adura.

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