Simmons & Simmons has advised Nighthawk Energy plc, the AIM listed US focused oil development and production company, on its agreement with Commonwealth Bank of Australia (‘CBA’) for the $100 million US Dollars Reserve Based Lending (‘RBL’) facility, including the restructuring of some of its existing debt.

Over the past two years Nighthawk has established a solid foundation for future expansion by focusing on rapid growth in production and cash generation. The RBL facility provides the company with access to borrowings at a low cost of capital and the ability to invest in drilling and acreage to continue the recent rapid pace of development delivered by the company.

In its recent financing update Nighthawk Energy plc announced that: “The RBL agreement with CBA provides the financial backing to restructure the current debt whilst increasing the level of investment in the business and maintaining the rapid pace of development that the company has delivered over the past two years.”

Patrick Graves, partner in Simmons & Simmons’ corporate group commented: “We are delighted to have been able to assist the company in securing funding for the next phase of the company’s development and growth.”

The Simmons & Simmons team was led by partners Patrick Graves and Richard Hughes, and associate Charlotte Rogers.