Ince & Co Singapore has represented Oro Negro in its international bond issuance, an offering of $725m (£444m) notes due 2019. The transaction closed on 24 January 2014.
The bonds are registered and issued in the Norwegian Central Securities Depository (Verdipapirsentralen or VPS) and an application will be made for the bonds to be listed either on the Irish Stock Exchange or the Luxembourg Stock Exchange.
Oro Negro is a Mexican limited liability company created with the purpose of integrating diversified oil and gas services companies and assets.
The purpose of the issuance is to refinance the acquisition of three already delivered new jack-up rigs, to finance the acquisition of a fourth new jack-up rig and for general corporate purposes.
Ince & Co partner Martin Brown, who heads the firm’s finance group in Singapore, led the team and was supported by Charmaine Lim and Incisive Law director Bill Ricquier.