NIBC closes senior secured facility for PetroFirst

NIBC’s Oil & Gas Services team closed a USD 225 million senior secured facility for PetroFirst Infrastructure Holdings, enabling the client to repay outstanding shareholder loans on two production platforms in Southeast Asia. PetroFirst is a joint venture between London-listed Petrofac, a leading engineering and construction company, and private equity firm First Reserve.

Petrofac has a strong track record as an owner and operator of offshore oil and gas fields and production vessels. First Reserve is a global private equity and infrastructure investment firm, investing in contracted and regulated energy assets through its Energy Infrastructure Funds.

NIBC has a good relationship with First Reserve, which opened doors to participate in the six-bank syndicate alongside renowned energy sector banks such as Natixis, HSBC and Société Générale.