Mayer Brown advises the Global Coordinators and Mandated Lead Arrangers on the US$1.6 billion senior secured loan facilities for Staatsolie Maatschappij Suriname N.V., Suriname's state-owned energy company
A cross-border team of Mayer Brown lawyers recently advised the African Export-Import Bank, Banco Latinamoericano de Comercio Exterior, S.A. ("Bladex") and Deutsche Bank AG as Global Coordinators and Mandated Lead Arrangers of the US$1.6 billion long-term, senior secured loan financing facility for Staatsolie.
The facilities were successfully syndicated with leading international, regional and local banks, as well as investment management firms. The facilities were documented under English, New York and Suriname law governed documents. Mayer Brown also advised various hedge providers on the related hedging for the transaction.
The proceeds of the facilities were used by Staatsolie to partially refinance existing debt, and will be used to fund its 20% interest in the GranMorgu upstream offshore oil project (the “Project”) located in Block 58, approximately 150 km of the coast of Suriname.
GranMorgu is one of the most significant developments in the global energy industry. This transaction represents the largest project financing transaction in Suriname’s history and paves the way for initial offshore oil production by mid-2028. It will also provide Suriname with royalties, profit oil, additional income taxes and dividends to support critical investments in infrastructure, healthcare, education, and future offshore developments.
The Project is being developed under a joint operating agreement with TotalEnergies EP Suriname B.V. as operator. The offshore development in Suriname's Block 58 is poised to generate over 6,000 jobs (direct and indirect) and inject up to $26 billion into the national economy (depending on oil price), offering a transformative opportunity to alleviate poverty and enhance public services in the country.
The Mayer Brown team was co-led by partners Doug Doetsch and Ash McDermott. The core team included partners Jennifer Kratochvil and Christophe Wassaf, associates Salvador Mele Mazza and Suzanne Chami and trainee Angus Batchen. The core team was supported by partners Ed Parker (Derivatives), Sarah Garvey and Luiz Aboim (Litigation and International Arbitration), Massimo Amoruso and Jose Valera (Energy), Tamer Soliman (Sanctions & Export Controls) and Lucas Giardelli (Tax), as well as counsel Gretel Echarte Morales and associate Juan Lopez Valek.
Essed & Sohansingh acted as Suriname counsel to the Global Coordinators and Mandated Lead Arrangers.
