Toronto Stock Exchange: EDV
GEORGE TOWN, Grand Cayman, May 6 /CNW/ - Endeavour Financial Corporation
("Endeavour" or the "Corporation") is pleased to announce the successful
closing of three debt transactions for its client, Pacific Rubiales Energy
Corp. ("Pacific Rubiales").
- Endeavour advised Pacific Rubiales on the US$200 million financing of
a 235km long, oil pipeline in the Republic of Colombia. The pipeline
is owned by state-owned oil company, Ecopetrol S.A., (65%) and
Pacific Rubiales (35%). The financing, concluded in March 2009, was
provided by Grupo Aval, a consortium of Colombian banks led by Banco
- Endeavour structured and arranged a one year, US$50 million bridge
financing for the principal Colombian operating subsidiary of Pacific
Rubiales. The financing, concluded in April 2009, was provided by
- Endeavour structured and arranged an initial US$180 million reserve
based lending facility for Pacific Rubiales, as part of a senior
secured revolving credit facility totaling up to $250 million. The
facility, concluded in May 2009, consists of commitments from each of
BNP Paribas, Calyon, Banco Davivienda S.A., and West LB. A.G.
These facilities provide Pacific Rubiales with the necessary funding to
further develop its oil infrastructure in Colombia (including drilling, oil
dehydration and water treatment) in order to increase the production capacity
of the Rubiales Field to 100,000 gross barrels of oil per day, as well as
providing funding for general working capital purposes.
Neil Woodyer, Chief Executive Officer commented "we've been successfully
advising Pacific Rubiales since 2007 and have helped arrange the three
facilities throughout the adverse debt market conditions of 2008 and 2009.
Endeavour's team of finance professionals is committed to finding solutions
for all its clients".
About Endeavour Financial Corporation
Endeavour is an independent merchant banking company focused on the
global natural resources sector. The Corporation offers advisory services in
project, corporate and debt capital markets; equity financings; mergers and
acquisitions; and strategic business development. Endeavour also provides
equity and bridge loans in support of clients, transactions, and other market
opportunities. Accessing its global industry networks, Endeavour creates and
launches new growth companies as both an advisor and investor.
Endeavour Financial Corporation is listed on the Toronto Stock Exchange,
symbol EDV. Warrants are listed on the Toronto Stock Exchange, symbol
For additional information, please visit our corporate website,
On behalf of Endeavour Financial Corporation
Executive Vice President & Chief Financial Officer
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The foregoing
information may contain forward-looking information relating to the future
performance of Endeavour Financial Corporation. Forward-looking information,
specifically, that concerning future performance, is subject to certain risks
and uncertainties, and actual results may differ materially. These risks and
uncertainties are detailed from time to time in the Corporation's filings with
the appropriate securities commissions.
For further information:
For further information: Dr. Sally Eyre, Director Marketing & Business
Development, (604) 609-6129 or Vanguard Shareholder Solutions, 1-866-341-4111
or (604) 608-0824