Salamander Energy plc announces that it has successfully completed a debt refinancing. The new facility is a $325 million seven year senior and junior Reserve Based Lending Facility (“the facility”).
The facility was arranged as a club deal with BNP Paribas and Standard Chartered Bank as co-ordinating banks, the IFC, Credit Agricole, Natixis, ING, ANZ and Standard Bank were also lead arrangers in the facility.
The new facility replaces the existing $230 million senior and junior Reserve Based Lending Facility arranged by BNP Paribas in 2008/09 and the $90 million Acquisition Bridge financing that was executed in September 2010 as part of the acquisition of the additional interest in the B8/38 licence, Gulf of Thailand. The new facility has been arranged at a cost of debt comparable to the existing facility and will provide increased group treasury flexibility.
Salamander Chief Executive, James Menzies commented: “We are pleased to be entering into an expanded, more flexible debt facility with a strong combination of existing and new lenders. The cost and structure of the debt refinancing reflects the significant, cash flow generation from the Group’s growing production base.”
Salamander Energy + 44 (0)20 7960 1580
James Menzies, Chief Executive Officer
Geoff Callow, Head of Corporate Affairs
Brunswick Group +44 (0)20 7404 5959