3rd Feb 2015 07:53
LONDON (Alliance News) - Capital Drilling Ltd on Tuesday said it has been able to strike a deal to refinance its senior bank facilities for a further three years.
The company also secured a new overdraft facility from its lenders, to support its medium-term funding requirements.
The new facility has been signed with South Africa-based lender Standard Bank and will provide funding to refinance all outstanding amounts owed on its existing USD17 million term loan and USD30 million revolving credit facility.
"Capital Drilling's refinancing and extension of the senior bank facility was strongly supported by our existing banking relationship. As a result of the refinance we have reduced the previous USD47 million facility to USD30 million, extended the maturity profile and provided increased flexibility and ease of facility administration," said Capital Drilling Chief Financial Officer Uno Makotsvana.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Capital