EWC subsidiary upgrades loan facility to $125m
Friday, March 21 2014 - 02:52 PM WIB
ASX-listed Energy World Corporation Ltd (EWC) announced Friday that its wholly owned subsidiary Energy Equity Epic (Sengkang) Pty Ltd (EEES) has now executed loan documentation to revise and upgrade its existing facility to US$125 million.
The company said in a statement that the existing facility was originally $88 million (currently paid down to approximately $68 million). The upgraded facility will provide additional funds of approximately $52 million (net of financing and related costs).
The facility?s mandated lead arrangers are Standard Chartered Bank (also the bookrunner), Mizuho Bank Ltd and Natixis (Singapore Branch).
The company said that this facility can be used for general corporate purposes in respect of EEES? petroleum operations and to finance commercialization of gas from the Kampung Baru (KB), Walanga, Sampi Sampi and Bonge (Wasambo) gas fields within the Sengkang PSC, South Sulawesi, in which EWC holds a 100 percent interest.
It said that the facility also includes an accordion feature which allows the facility to step up from $125 million to $200 million following satisfaction of completion tests for the Wasambo gas fields and related arrangements for the commercialization of the gas.
Editing by Reiner Simanjuntak