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Deals of the Year 2011: OGX

Value $2,563 million
Date May 26 2011
Bookrunners Credit Suisse, HSBC, Itaú BBA and JPMorgan
return to the Latin America Deals of the Year index

Away from the sovereign issuers there were many other impressive transactions, such as Petrobras’s $6 billion issue in January. But the outstanding deal was OGX’s debut $2.563 billion transaction. It was the largest high-yield offering by an emerging market issuer and it was the largest high-yield oil and gas offering. But more than this, it was an example of international capital markets delivering debt financing to the region’s vital energy industries and an excellent demonstration of the markets working with the issuer and its investment banks to deliver a mutually beneficial transaction.

Last January, when OGX mandated Credit Suisse, HSBC, Itaú BBA and JPMorgan it was still one year away from producing oil (which was scheduled for January 28 this year as Euromoney went to press).

"There was a general perception from all the institutions we dealt with that despite the fact that we were somewhat far away from generating revenues the investment proposition – and the fact that we had found a lot of oil and were well on the way to developing first production – would enable us to obtain a rating," says Marcelo Torres, CFO of OGX.

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