Oil & Gas Services closes USD 225 million transaction for Grupo R
On 23 April 2010, Oil & Gas Services signed a senior secured term loan of USD 225 million related to the semi-submersible drilling rig 'PetroRig III'. Total debt package for Grupo R further included a second lien bond in the amount of USD 270 million. PetroRig III will be operated by Grupo R Exploracion Marina S.A. de C.V. and contracted to Pemex Eploracion y Producion, a subsidiary of Mexico's state-owned petroleum company Pemex. The transaction was structured as a club deal with 10 banks in which NIBC acted as Joint Bookrunner and Mandated Lead Arranger.
Grupo R was founded in 1960 as a civil and electromechanical construction company by Mr. Ramiro Garza Cantu. The Garza family is still the sole owner of Grupo R. The company contributed significantly to the Mexican energy sector development supporting both Pemex and the government-owned electrical power company, CFE. Since 1987, Grupo R is a main player in Mexico's drilling industry. We are pleased to enter into this relationship with an important player in the offshore drilling sector.