12th May 2015 07:57
LONDON (Alliance News) - Ascent Resources PLC Tuesday said it has secured a GBP7 million loan facility with Henderson Global Investors Ltd, money it will use to continue developing the Peti?ovci Tight Gas Project.
The gas project developer said the loan can be drawn at any time until the end of June 2016 at the discretion of Henderson, and accrues interest ay 7.5% a year. The loan is also subject to a drawdown fee of 1.75% per tranche which is deducted from the tranche that's drawn. It also has a repayment fee of 1.25%.
"When combined with suitable project finance, which the board is hopeful can be finalised shortly, the company will have at its disposal all the funds required to take the project to first gas," it said.
Henderson is a shareholder in Ascent and has a 10.7% stake.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Ascent Resources