Druces LLP, the City-based business and private wealth law firm, has closed a $6 million bond financing for client Technology Enhanced Oil PLC. The mandatory convertible bond has been listed in Singapore and the client will use the proceeds of the issue to acquire underperforming oil assets in North America whose economics can be improved by the use of enhanced oil recovery techniques.
The Druces team was led by recently hired partner David Smith, assisted by Caroline Cropley, Charles Avens, Rachel Mathieson and Christopher Louth.
The bond was arranged by ISM Capital LLP, who were advised by Simmons & Simmons LLP.
This news was posted on 11 February 2016.