Singapore, 5 June 2024 – Puma Energy announced today that it has successfully closed the amendment and extension of its Revolving and Term Loan Facilities (the “Facilities”). These Facilities represent USD 775 million of commitments in aggregate.
The Facilities were oversubscribed, attracting commitments close to USD 1 billion from a diverse group of 30 existing and new lenders, with a broad geographical split (32 per cent Africa, 18 per cent Europe, 22 per cent Asia-Pacific, 14 per cent Middle East and 14 per cent America). The Facilities will include a sustainability linked component with margins adjusted subject to Puma Energy achieving KPIs relating to greenhouse gas emissions as well as road safety.
Carlos Pons, Chief Financial Officer at Puma Energy, said: “I am pleased to announce the successful completion of our 2024 Revolving Credit Facilities and Term Loan. The support we have received from our existing and new lenders demonstrates confidence in the future of Puma Energy as we shift our focus from turning around the business to exploring prudent growth opportunities across our core downstream markets.”
“In addition, the Sustainability-Linked Loan terms reflect our commitment to continue improving our safety practices and to reduce greenhouse gas emissions from our operations,” added Pons.
The two sustainability KPIs, which will be tested annually and verified by a third-party expert, are focused on cutting operational greenhouse gas emissions (Scope 1 & 2), and improving road safety by implementing an in-vehicle monitoring system (IVMS) across Puma Energy’s directly contracted road transportation providers. The facility agent will apply a penalty or discount on the margin, depending on the number of KPIs met each year.
The Facilities comprise a revolving credit facility (“Facility A”) split into Facility A1 (loans and credit instruments for USD 25 million – to be used mainly for off balance sheet instruments like guarantees), Facility A2 (swingline facility for USD 25 million), Facilities A3 (1-year RCF for USD 300 million – which constitutes the core of Puma Energy’s liquidity) and A4 (loans only, 3-year RCF for USD 150 million – to be considered as a liquidity backstop facility); and a term loan facility (“Facility B”, 3-year TL for USD 275 million). Facilities A1, A2 and A3 will have a 1-year tenor and Facilities A4 and B, which make up c.55 per cent of the total facility, will have a 3-year tenor. The Facilities are refinancing the USD 847.5 million facility agreement dated 28 April 2023, as well as being used for general corporate and working capital purposes.
On the back of strong operational performance, the size of the term loan facility was upsized by USD 100m and the tenor of both the medium-term RCF and term loan was increased from 2-year to 3-year. This demonstrates Puma Energy’s capacity to source medium-term liquidity and, coupled with the recent successful issuance of 2029 Notes and subsequent refinancing of 2024 Notes, significantly extends Puma Energy’s debt maturity profile.
ABSA Bank (Mauritius) Limited (“ABSA”), FirstRand Bank Limited (Acting through its Rand Merchant Bank Division), London Branch (“FirstRand”), Industrial and Commercial Bank of China Limited, London Branch (“ICBC”), ING Bank N.V. (“ING”), MUFG Bank Ltd. (“MUFG”), Natixis, Nedbank Limited, London Branch (“Nedbank”), SMBC Bank International PLC (“SMBC”), Société Générale and Standard Chartered Bank acted as Mandated Lead Arrangers and Active Bookrunners for the transaction. Qatar National Bank, Paris branch (“QNB”) and Arab Petroleum Investments Corporation acted as Mandated Lead Arrangers and Bookrunners. The Standard Bank of South Africa Limited, Isle of Man Branch acted as Mandated Lead Arrangers. First Abu Dhabi Bank, Sanlam Life Insurance Limited, Banco Latinoamericano de Comercio Exterior and Abu Dhabi Commercial Bank PJSC acted as Lead Arrangers. Itaú BBA Europe S.A., Sumitomo Mitsui Trust Bank, Limited and Credit Europe Bank (Suisse) acted as Arrangers. ING, Nedbank and Société Générale also acted as Joint Coordinators. Absa as Documentation Agent and Facility Agent. Société Générale acted as Swingline Agent. MUFG and Natixis as Issuing Banks. FirstRand and SMBC acted as Sustainably Coordinators.
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This announcement contains inside information under Article 17 of Regulation (EU) 596/2014 (16 April 2014).
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About Puma Energy
Puma Energy is a leading global downstream energy business, safely providing energy in more than 35 countries, primarily across central America and Sub-Saharan-Africa. Our downstream business segments include fuels, aviation, lubricants, LPG and bitumen. Our purpose is energising communities to help drive growth and prosperity by sustainably serving our customers’ needs in high potential countries around the world.
For further information visit: www.pumaenergy.com
