VAALCO Energy Secures $190M Financing Led by White & Case
Deal News | Mar 21, 2025 | White & Case LLP
White & Case LLP, a global law firm, has provided legal counsel to The Standard Bank of South Africa Limited and a group of lenders in a significant revolving reserve-based lending financing deal worth US$190 million, with the possibility of extending to US$300 million. The financing was secured by the assets of VAALCO Energy, a prominent oil and gas company based in Texas, with operations focused in Africa, specifically in Gabon, Egypt, and Côte d'Ivoire. This complex multi-jurisdictional transaction, led by White & Case partners from offices in London, Paris, New York, and other cities, underscores the firm's prowess in managing substantial financial deals across Africa, bolstering its influence particularly in West and North Africa.
Sectors
- Oil and Gas
- Legal Services
- Finance
Geography
- United States – VAALCO Energy is based in Texas, U.S.
- Africa – The financing is secured by assets located in Gabon, Egypt, and Côte d'Ivoire, highlighting VAALCO's operations in Africa.
- UK – White & Case has involvement in this deal from its London office.
- France – Paris-based White & Case partners were part of the advisory team.
Industry
- Oil and Gas – VAALCO Energy is an oil and gas operating company involved in this financing deal.
- Legal Services – White & Case LLP provided legal advice on the financing arrangement.
- Finance – The transaction involves a revolving reserve-based lending financing facilitated by a syndicate of lenders.
Financials
- US$190 million – Initial amount of the revolving reserve-based lending financing provided to VAALCO Energy.
- Up to US$300 million – Accordion option available in the financing deal.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| White & Case LLP | Legal Advisor | Company | Global law firm acting as legal advisor in the financing transaction. |
| The Standard Bank of South Africa Limited | Lender | Company | Part of the syndicate of lenders providing financing to VAALCO Energy. |
| VAALCO Energy, Inc. | Borrower | Company | Texas-based oil and gas company focused on African projects. |