Dart secures $100m loan facility from HSBC
Wednesday, August 29 2012 - 01:52 AM WIB
Australian-listed energy firm Dart Energy International Pte Ltd, the international operating arm of Dart Energy Limited, has executed agreements for a US$100 million lending facility with Hong Kong and Shanghai Banking Corporation Limited, Singapore Branch (HSBC), to help fund provide funding for Dart?s near term development projects.
The facility is to provide Dart Energy International with immediate working capital funding of up to US$10 million and up to a further US$90 million over the next two years to fund development of certain advanced projects such as PEDL 133 (UK), Liulin (China) and Sangatta West (Indonesia).
John McGoldrick, Chief Executive Officer of Dart Energy International, commented that the company was entering into next phase of its growth and the company was now looking at the commercialization of some of its assets.
?We are delighted to have successfully finalized this facility from HSBC, which we believe to be the first reserve based lending for development of CBM projects in Europe or Asia. It follows extensive technical and commercial due diligence by HSBC on Dart?s projects. The facility is on attractive terms, providing us with access to development funding for multiple projects."
Editing by Dadan Wijaksana