LONDON (Alliance News) - Ithaca Energy Inc on Wednesday said it has secured extended and amended bank debt financing totalling around USD650 million.
The new funding, which comprises a senior reserve-based lending facility of USD575 million and a junior reserve-based facility of USD75 million, replaces its former corporate facility and extends the terms of the loan to expire in September 2018.
Ithaca said the funding will provide it with further flexibility on funding ahead of the first hydrocarbons from its Greater Stellar Area project in the second quarter of 2016.
"We are pleased to have promptly and efficiently extended the tenor of our RBL facility on terms similar to our existing facility and converted our corporate facility from one based on historic covenants into a forward looking junior RBL thanks to the strong support of our banking syndicate," said Ithaca Chief Financial Officer Graham Forbes.
Shares in Ithaca were up 0.5% to 53.00 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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