GE Energy Financial Provides Debt Facility for Trinidad Drilling
The facility for Calgary-based Trinidad, a wholly-owned subsidiary of Trinidad Energy Services Income Trust, was syndicated by GE Capital Markets, Inc. The syndicate group includes major Canadian, U.S. and international financial institutions.
The facility represents a combined debt capacity of CDN $494 million, increasing the principal available from a $250 million facility arranged last year. The facility is comprised of a CDN $250 million revolver, a CDN $100 million five-year term facility, and, a US $125 million five-year term facility for Trinidad USA LLLP, a U.S. subsidiary of Trinidad.
"The facility that GE Energy Financial Services structured will lower the trust's borrowing cost," said Brent Conway, Trinidad's Chief Financial Officer. "It provides more flexibility to manage the trust's capital structure given the expansion of our U.S. operations. In addition, it will allow Trinidad to continue drilling rig construction and pursue acquisitions."
"This transaction is a milestone in our growth in debt arranging, drilling rig finance and investment services in Canada," said Tony Shizari, Managing Director and leader of GE Energy Financial Services' debt finance group.
GE Energy Financial Services recently expanded its debt finance group to integrate its expertise as a debt investor and arranger in large energy projects with its mid-market commercial energy lending in the United States, Canada and Europe. With more than 70 dedicated professionals, the unit provides a full complement of debt products and services for the energy industry, including structured, project and acquisition debt, equipment leases and loans, revolving credit facilities, fleet financing and corporate loans. Its GE Capital Markets affiliate provides arranging and syndication for many of these facilities.
Energy Financial Services' debt business grew to more than $1.5 billion in annual investments from 2002 through 2005. It plans to double its originations during 2006.
GE Energy Financial Services, based in Stamford, Connecticut, invested $3 billion during 2005 in the world's most capital-intensive industry, energy. With more than $11 billion in assets, GE Energy Financial Services' 300 professionals offer structured equity, leveraged leasing, partnerships, project finance and broad-based commercial finance to the global energy industry from wellhead to wall socket.
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Oil Falls as US Inventories Increase
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call