Serica Energy PLC - London-based upstream oil and gas company - Announces completion of its USD525 million, six-year reserves-based lending facility "following satisfaction of the conditions precedent". In December, the company signed the secured RBL facility, structured and coordinated by DNB and ING Bank NV, with support from Nedbank CIB, Natixis, London Branch and ICBC Standard Bank PLC. Serica said that the facility would provide "significantly increased liquidity to support future acquisitions and investments". The facility replaces Serica's former RBL facilities, which had USD271 million drawn. In December, the company said that this amount would be fully repaid upon the new facility's completion.
Structured as a revolving credit facility available in multiple currencies, Serica will have the option of doubling its debt space to USD1.05 billion through an uncommitted accordion feature. This option can be exercised within the first 36 months of the facility signing date in December. The new RBL facility will also feature a USD100 million sub-limit, which can be used to issue letters of credit without the need for cash security.
Current stock price: 206.00 pence per share, down 0.3% on Tuesday morning in London.
12-month change: down 24%
By Hugh Cameron, Alliance News reporter
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Serica Energy (SQZ)