Vivo Energy refinances with term loan, revolver totaling $700 million

By Marisa Wong

Los Angeles, June 8 – Vivo Energy Investments BV, a subsidiary of Vivo Energy Ltd., completed a refinancing of its credit facilities, according to a news release.

Vivo Energy has secured a new $700 million facility split across a $400 million five-year term loan and a $300 million three-year revolving credit facility with two one-year extension options.

The facilities will be used to refinance the $600 million bridge loan drawn on Oct. 13, 2022, with an initial term of 12 months and two three-month extension options; refinance the $270 million revolver that matured in May 2023; and for general corporate purposes.

The facilities were arranged by Citi, HSBC and Societe Generale as mandated lead arrangers and bookrunners. Standard Bank, Standard Chartered, ABSA and RMB joined as mandated lead arrangers, and Natixis and Sanlam joined as lead arrangers.

Additionally, and further to an announcement in February regarding Vivo Energy’s combination with Engen, the company announced that Standard Bank and Rand Merchant Bank have been appointed as joint mandated lead arrangers, underwriters and bookrunners for an acquisition finance facility to fund part of the transaction. Up to ZAR 10 billion is expected to be drawn down from this facility, with the remainder of the purchase consideration being funded with equity from shareholders. The transaction is currently pending regulatory approvals.

London-based Vivo Energy is a pan-African retailer and distributor of high-quality fuels and lubricants using the Shell and Engen brands.

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