Citadel Capital (CCAP.CA) is pleased to report that it has signed agreements that will see it acquire c. USD 534 million in debt extended by select international lenders to National Oil Production Company S.A.E. (“NOPC”) for a total consideration of USD 60 million. The transaction aims to restructure NOPC’s debt position to allow the company to regain its footing and improve its economic viability, which may potentially allow Citadel Capital—which holds a 14.86% stake in NOPC—to recoup a portion of its investments in the company, the value of which is fully written-down on Citadel Capital’s consolidated financial statements.
This acquisition will be financed through the participation of NOPC shareholders in Citadel Capital’s ongoing subscription process.
Furthermore, the acquisition of NOPC’s debt position will afford key investors knowledgeable in the operations of the company the opportunity for future ownership and administration of the company.