Cairn Multi-currency Account Receivables Finance

摘要

A custom-engineered multi-currency account receivables financing to optimise balance sheet and cash conversion, the $120 million joint deal for Cairn India and Cairn Energy Hydrocarbons had to meet a number of objectives unique to the sponsors. Cairn India is the operator of an oilfield in India and has signed a production sharing concession agreement with the government of India for a period of 25 years. As per the production sharing agreement, Cairn India (35%), Cairn Energy (35%) and ONGC (30%) have ownership interests in the oilfield and each receive a pro-rata share of revenues generated from the sale of oil.