17th Sep 2018 08:39
LONDON (Alliance News) - Soco International PLC said Monday it inked a new USD125 million reserve based lending facility.
The facility is secured against the oil & gas company's assets in Vietnam and has a five year term to 2023. It will provide the company with the necessary funds for general corporate purposes and to fund new acquisitions, Soco explained.
A further USD125 million is available on an uncommitted "accordion" basis, Soco added.
The facility has been arranged and underwritten by BNP Paribas, Credit Agricole Corporate & Investment Bank and Standard Chartered Bank.
Chief Executive Officer Ed Story said: "We are pleased to have concluded this financing transaction, and to have received such strong interest in the bank market and firm support from our new lenders."
"The combination of existing cash, the new credit facility and the cash flow from our producing assets in Vietnam ensures that we are funded to take advantage of acquisition opportunities in line with our strategy of creating a full-cycle exploration & production company with a diversified portfolio."
Soco shares were trading marginally lower at 89.99 pence each Monday morning.
Related Shares:
Standard CharteredSoco International