Oct 3 (Reuters) - Canadian petroleum exploration and production concern Pacific Rubiales Energy Corp is in the market with a $1.3 billion bridge loan to back its acquisition of Petrominerales Ltd, a Canadian oil company, sources said.
Bank of America Merrill Lynch launched the one-year deal on Wednesday.
No further information was available by press time.
Pacific Rubiales said on September 29 it had entered into an agreement with Petrominerales to acquire all of the company’s outstanding common shares for C$935 million ($907 million) in cash.
Under the agreement, Petrominerales shareholders will receive C$11 ($10.7) cash for each Petrominerales common share, plus one common share in the recently formed ExploreCo and the assumption of net debt estimated at C$640 million ($621 million), including convertible bonds.
ExploreCo’s assets will consist of Petrominerales’ Brazilian exploration assets and C$100 million in cash.