Standard Chartered, Samudera Energy in $35.5m debt facility deal

Standard Chartered Bank announced Wednesday that it has signed an agreement with Samudra Energy Limited, a privately-held Indonesian oil and gas company, to provide a four-year revolving US$35.5 million debt facility.

Samudra Energy will use the proceeds of the loan to re-finance a previous debt facility and to fund the development of the company?s portfolio of upstream oil and gas assets in Indonesia. The loan is structured as a borrowing base facility, referenced to independently certified oil and gas reserves held by Samudra Energy during the life of the loan. In addition, the loan was arranged in accordance with the Equator Principles, a financial industry standard for the promotion of responsible environmental stewardship and socially responsible development, the company said in release statement.

?We are delighted to have signed this agreement with Standard Chartered. The structure of the facility allows us to focus on our core business, and leverage the value of our reserve base both though development of our current portfolio and the addition of new oil and gas assets.? said Adriansyah Chaniago, Chief Financial Officer of Samudra Energy.

Conor McCoole, Standard Chartered?s Managing Director, Head of Project and Export Finance, Asia, commented that the Bank is pleased to be supporting the operations of Samudra Energy. He said: ?Being the sole lender and mandated lead arranger of this medium term facility demonstrates our commitment to support our clients? growth and highlights our commitment to financing Indonesian energy projects.? (kanti)