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.
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