Pacific Rubiales Upsizes Facility

Colombian oil producer Pacific Rubiales has upsized its $600m revolving credit facility to $700m. Participation includes 23 banks, including Colombian and foreign institutions. The deal is expected to close in the first half of September, according to a source familiar with its plans. The facility consisted of a $400m dollar tranche and a $200m-equivalent peso tranche, which has been increased to $300m-equivalent. The new facility replaces an existing $350m revolver. Funds will be used to help the company maintain liquidity to cover any short-term funding needs. Bank of America Merrill Lynch and Corficolombiana are managing.