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Merger and refinancing of Point Resources AS completed – Arntzen de Besche assisted the lenders

The merger of the three HitecVision owned oil companies, Core Energy AS, Pure E&P Norway AS and Spike Exploration AS, into Point Resources AS has been completed.

In connection with the completion of the merger, three separate exploration financing facilities, one junior credit facility and one reserve based lending facility were refinanced through a new USD 150 million reserve based lending (RBL) facility and a new NOK 2 billion exploration financing facility.
Arntzen de Besche, together with Bracewell, assisted the lenders, including BNP Paribas as global coordinator and documentation bank and DNB Bank ASA as facility agent.
The RBL is to our knowledge the second RBL to be governed by Norwegian law. Arntzen de Besche also assisted the lenders on the first Norwegian law governed RBL.
AdeB's team has been led by Atle Gabrielsen, partner of our banking and financing group, assisted by Atle Stensrud and Andreas Rabe from the same group, Anders Rødland, partner of our E&P group and Rune Tjomsås Andersen, partner of our tax group and specialist in petroleum tax.