Becker Glynn represents International Finance Corporation in a $550 Million Financing of Oil and Gas Producer in Argentina

The Firm represented International Finance Corporation (IFC), the private sector arm of the World Bank Group, in connection with a $550 million long-term financing of Pan American Energy LLC, Argentine Branch (PAE) that was concluded in July 2007. The financing is comprised of two tranches of loans: a $150 million tranche provided by IFC and a $400 million tranche raised by IFC from commercial lenders.

PAE, a joint venture company between BP plc and Bridas Corporation, is the second-largest oil and gas producer in Argentina, accounting for approximately 17% of the country’s output. The loans provided by IFC will be used by PAE to finance its capital expenditure program, which is primarily focused on its operations in the Golfo San Jorge basin in southern Argentina.

The Firm’s representation of IFC included advice and assistance during negotiations and review and re-drafting of the loan agreement and related documentation.