Serica secures $100m revolving credit facility
Monday, November 16 2009 - 08:25 AM WIB
UK oil, gas firm Serica Energy plc announced on Monday that it has entered into a new US$100 million senior secured revolving credit facility to replace its previous facility of a similar amount.
The new facility, which has been arranged with J.P.Morgan plc, Bank of Scotland plc and Natixis as Mandated Lead Arrangers, is for a term of three years.
The facility is principally to refinance the Company's outstanding borrowings on the Kambuna field, offshore North Sumatra, which commenced production of gas and condensate in August of this year.
It will also be available to finance the appraisal and development of the Columbus field and for general corporate purposes, the company said.(denny)