(Alliance News) - Phoenix Global Resources PLC on Monday said it has increased its existing convertible revolving credit facility with Mercuria Energy Netherlands BV to USD291 million.
Mercuria Energy Netherlands is part of the Mercuria Group.
The Argentina-focused oil & gas firm said it increased the facility by USD6 million, with the additional funds to go towards supporting its business plan for 2020.
The GBP6 million portion of the amended revolving credit facility has an interest rate of 4% over a three-month US Dollar LIBOR with a maturity date of December 31, 2021.
The stock was trading 6.8% lower at 11.00 pence each on Monday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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