Meren Energy refinances RBL loan

Executive Summary

• Meren Energy Inc.'s subsidiary, Meren Cooperatief UA, has successfully refinanced its reserves-based lending (RBL) facility, increasing total debt capacity and extending the maturity profile.
• The new facility carries a total commitment of $600 million (U.S.) with an accordion feature allowing expansion up to $1 billion (U.S.).
• The refinancing reduces borrowing costs, with a loan-life average margin reduction of 0.125% compared to existing terms, and features a six-year tenor.

Key Details

• Facility Size: Total commitment of $600 million (U.S.) with an accordion feature permitting an increase up to $1 billion (U.S.).
• Use of Proceeds: To refinance the existing facility in full and cover all related costs.
• Interest Rates: Accrues interest at SOFR plus a margin of 4.00% during years 1 to 3, increasing to 4.25% during years 4 to 6.
• Margin Reduction: Represents a loan-life average margin reduction of 0.125% compared with the existing facility terms.
• Tenor: Six-year term from the closing of the refinancing.
• Pre-Closing Capacity (as of Dec. 31, 2025): Available RBL capacity of $468 million (U.S.) with outstanding principal of $330 million (U.S.).
• Post-Closing Expected Capacity: Expected RBL capacity to increase to $574 million with outstanding principal of $370 million.
• Status: Conditions precedent satisfied; company expects the facility to close imminently.

Notable Quotes

• "We are grateful for the continuing and strong support of our banking group. The reduction in borrowing costs and greater than two times level of oversubscription underscore the quality of our production assets and our demonstrated track record of disciplined financial delivery." — Aldo Perracini, Chief Financial Officer