Empresas Nacional del Petróleo in Three Bilateral Term Credit Facilities and ENAP Sipetrol Argentina in a Term Credit Facility

Cleary Gottlieb represented Empresas Nacional del Petróleo (ENAP), a Chilean state-owned oil company, in three Bilateral Term Credit Facilities totaling $300 million, between ENAP and each of BNP Paribas, HSBC and Santander. The transactions closed on June 22.

Cleary Gottlieb also represented ENAP Sipetrol Argentina, an affiliate of ENAP, in a $65 million Term Credit Facility with Banco Latinoamericano de Comercio Exterior. The transaction closed on June 30.

ENAP is engaged in a broad range of petroleum-related activities. Their principal source of revenue is the sale of refined products in Chile. ENAP is the second largest Chilean state-owned company. ENAP will use the proceeds of the offering to refinance existing indebtedness.