Pacific Rubiales Locks Up Bridge Loan

Pacific Rubiales has closed $1.3bn in financing supporting the acquisition of fellow Colombian E&P operator Petrominerales, LatinFinance understands, bringing in three lenders. Citi, HSBC and Itau have come in on the 1-year bridge loan led by Bank of America, also Rubiales’ advisor on the CAD1.58bn ($1.52bn) M&A deal announced last month. In the deal, Rubiales agreed to pay CAD935m and take on CAD640m debt. Petrominerales shareholders are to receive CAD11.00 per share and one share in a newly formed entity to hold Brazilian assets and receive a CAD100m cash capitalization. TD Securities advised Petrominerales on the deal, which awaits approvals.