Press releases

New Borrowing Facilities

19 December 2012

Salamander Energy announces that it has signed two new borrowing facilities together totaling $350 million. These facilities extend the maturity of the Group’s financing, simplify Salamander’s borrowing structure and lower its cost of debt.

This new financing arrangement comprises:

  • A $300 million seven-year Senior Reserve Based Lending facility, secured against expected cash flow from the Group’s producing assets
  • A $50 million two-year facility, which will be used to debt fund the development of the Kerendan gas field.

As development of the Kerendan field proceeds, it is envisaged that the shorter-term borrowings will be folded into the new Reserve Based Lending facility, which will then expand to $350 million.

Salamander’s existing $325m borrowing base facility ($250m Senior and $75m Junior) will be cancelled when the new facilities come into effect.

Salamander’s new facilities have been arranged and underwritten by BNP Paribas and Standard Chartered, and (for the Reserve Based Lending facility only) the International Finance Corporation as original mandated lead arranger (through the restatement and increase of an existing commitment). BNP Paribas and Standard Chartered will commence syndication shortly.

Jonathan Copus, Chief Financial Officer of Salamander, commented:

“We are pleased that with the continued support of our relationship banks we have been able to enter into new, increased and more flexible debt facilities. These new facilities simplify the Group’s borrowing structure and extend the maturity of its debt. They also improve the efficiency of Salamander’s balance sheet by more fully recognising the significant organic reserve growth that has been delivered across the Group in the past 12 months.”



Salamander Energy   
+ 44 (0)20 7432 2680
James Menzies, Chief Executive Officer    
Jonathan Copus, Chief Financial Officer    
Geoff Callow, Head of Corporate Affairs    
Brunswick Group    
+44 (0)20 7404 5959
Patrick Handley    
Elizabeth Adams      


About Salamander

Salamander Energy is an independent upstream oil and gas exploration and production company listed on the main market of the London Stock Exchange (Ticker: SMDR) and is a constituent of the FTSE 250 index. The Group is focused on growth assets in and around three core areas: Greater Bualuang, Gulf of Thailand; North Kutei, Indonesia; and Greater Kerendan, Indonesia. In each of these areas the Group has a material, operated position and a detailed understanding of the petroleum systems of the basin.