Herbert Smith Freehills Kramer advises MCB on acquisition bridge facility for Genel Energy plc

Herbert Smith Freehills Kramer has advised The Mauritius Commercial Bank Limited (MCB) on its provision of a committed US$125,000,000 acquisition bridge facility to Genel Energy plc. This will be used to help provide certainty of funding for Genel’s proposed cash acquisition of Capricorn Energy plc, a London-listed energy producer with onshore assets in Egypt.

The transaction is governed by the Takeover Code and remains subject to the satisfaction of certain conditions; funding is expected in the second half of the year. MCB acted as the sole mandated lead arranger, lender and facility agent.

The Herbert Smith Freehills Kramer team was led by Finance partner William Breeze, supported by senior associate Alex Shindler-Kelly and associates Swati Gupta and Max Howard. Further support was provided by Finance partner Will Nevin and Corporate partner Mark Bardell and associate Hugo Paul.

Partner William Breeze commented: “We are pleased to have supported MCB on this landmark transaction. This financing showcases their growth as a source of capital in the African energy sector and underlines their ability to support the financing of complex international acquisitions. It also demonstrates our ability to blend our upstream oil and gas and public acquisition experience to provide a “one-stop shop” on landmark transactions such as this.”