Long-standing client Tengizchevroil (TCO) completed a new unsecured revolving credit facility and multiple amendments and extensions of its existing unsecured revolving credit facilities. The transactions increased TCO’s committed working capital debt facilities to $1.25 billion, following an amendment to its senior debt arrangements that increased its working capital debt basket.
TCO is Kazakhstan’s largest producer and marketer of crude oil and associated hydrocarbon products. S&C previously advised TCO on its landmark $16 billion project financing, its $5 billion senior secured bond and loan financing, and its original $500 million unsecured revolving credit facilities.
The S&C team that advised TCO included Stewart Robertson, Jonathon Hannah, Ian Forsyth and Anna McLaughlin. Michael Orchowski advised on U.S. tax matters. Andrew Thomson and Isadora Janssen advised on UK tax matters.