Bahrain's Bapco Energies successfully closed a USD 2.2 bn amend and extendtransaction of its dual-tranche sustainability-linked term facility, according to a statement released last week. The transaction adds a USD 300 mn green shoe option, bringing the total facility size to USD 2.5 bn.

About the transaction: The transaction extended the maturity date from 2026 to 2030. The sustainability-linked KPIs, covering emissions intensity and health and safety, were amended to align with best practices and definitions of the International Association of Oil & Gas Producers (IOGP) and Bapco’s newly issued sustainability-linked financing framework.

Advisors: Gulf International Bank and Mashreq acted as the initial mandated lead arrangers, bookrunners, and sustainability coordinators. Gulf International Bank, Mashreq, and Al Ahli Bank of Kuwait acted as the amend and restate exercise coordinators and underwriters. Gulf International Bank also acted as a facility agent, global agent, and murabaha investment agent.

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