Scotia in US$50m energy deal

Up to US$15 million has been structured as a revolving term/borrowing base facility.

Scotiabank was the sole lead arranger and lender while The Bank of Nova Scotia, was the administrative and collateral agent.

In a statement yesterday, Gayle Pazos—general manager, Corporate and Commercial Banking, Scotiabank said: “This is a great moment for Scotiabank Trinidad and Tobago Ltd and our partners Touchstone. This deal represents yet another example where Scotiabank has been able to leverage our Group’s global expertise in oil and gas to meet our clients’ needs. It is also the first reserve base lending solution offered by Scotiabank in Trinidad and Tobago; it is a neat solution as the local financing is determined by the value assigned to Touchstone’s net proved reserves for its local onshore acreage. We intend this to be the first of many reserve base lending transactions we undertake.”

Chief financial officer, Touchstone Exploration, Scott Budau said: “The Trinidad based credit facility provides us the financial flexibility to build upon our successful 2014 Trinidad drilling programme into 2015.”

Touchstone Exploration Inc is a Calgary-based company engaged in acquiring interests in petroleum and natural gas rights, and the exploration, development, production and sale of petroleum and natural gas. 


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