Firms tasked with securing Petra Energia credit deal
18th July 2012
Two leading western legal practices have helped to successfully negotiate a complicated credit deal between the Brazilian oil and gas giants Petra Energia and Citibank.
Under the agreement, Stein SP Participacoes, a subsidiary of Petra, will receive $703.6m (£452.6m) in order to help them expand their various ongoing exploration projects in the South American country. The finance, banking and corporate partners involved in securing the transaction have been praised for their handling of the complex affair, which saw solicitors with top London legal jobs given responsibility for managing what was a major international case.
The UK-based firm that advised the companies on certain aspects of the deal was no stranger to Petra Energia, already enjoying a strong working partnership with the organisation.
This close relationship has primarily been maintained and nurtured through a man called Peter Roberts, who, as energy partner with the practice in question, also has vast experience in the fuel industry; before taking on his current role, he was general counsel for utility providers Centrica Energy.