Akin Gump Advises Max Petroleum on $90 Million Financing and Restructuring
Contact:
(London) Akin Gump is advising long-standing client Max Petroleum, an AIM-listed oil and gas exploration and production company focused on Kazakhstan, in relation to its proposed refinancing and comprehensive restructuring of its outstanding debt facilities.
The transaction involves the refinancing of Max Petroleum’s existing senior credit facility with Macquarie Bank Limited, a new senior secured $90 million credit line agreement with SB Sberbank JSC and the restructuring of its $86.5 million bonds.
Following completion of the restructuring, anticipated to occur by the end of 2012, Max Petroleum’s total debt will be reduced from approximately $140 million to around $90 million, with approximately $30 million to be made available for drilling future production and exploration wells and associated expenses.
Harry Keegan, a corporate partner in Akin Gump’s London office, and finance partner Robert Aulsebrook are leading the team advising Max Petroleum.
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