21st Nov 2013 16:45
LONDON (Alliance News) - Forum Energy PLC Thursday said it had reached an agreement with mining business Philex Group to increase, and extend the repayment date, of a loan facility which was provided to its subsidiary Forum Philippines Holdings in 2010.
The oil and gas company said the USD15 million facility, which was USD10 million when first announced in November 2010, and has been fully drawn down, has now been increased to USD18 million.
In addition, the repayment date for all amounts drawn under the facility has been extended for three years to November 24, 2016.
The terms of the facility remain otherwise unchanged, with funds continuing to be borrowed at an interest rate of LIBOR + 4.5% and with Forum Energy remaining as the guarantor under the facility.
The initial lender of the facility was Philex Mining Corp. As part of this transaction, Philex Mining has assigned its rights and obligations under the facility to its subsidiary Philex Petroleum Corp.
Shares of both Philex Petroleum and Philex Mining are listed on the Philippine Stock Exchange.
The stock closed at 83.00 pence Thursday afternoon, up 1.50 pence or 1.8%.
By Anthony Tshibangu; [email protected];
Copyright © 2013 Alliance News Limited. All Rights Reserved.
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