Last checked at 19 Dec 2017 12:30
For Immediate Release | 19 December 2017 |
Capital Drilling Limited("Capital Drilling", the "Group" or the "Company")
Successful $12m Debt Refinancing and Appointment of Chief Financial Officer ("CFO")
Debt Refinancing
Capital Drilling Limited (CAPD:LN), the Africa focused drilling company, today announces that it has successfully refinanced its senior bank facilities for a further three years. The new debt facility, which matures in December 2020, is with Standard Bank South Africa, a leading lending institution in the African banking market. The commercial terms are broadly consistent with those of the previous facility.
The facility, which bears interest at 5.75% above LIBOR, will provide funding to refinance all outstanding amounts under the Company's existing $15m revolving credit facility (reduced from an initial $30m).
The Company continues to maintain a strong, net cash balance sheet.
Appointment of CFO
The Company is also pleased to announce the appointment of André Koekemoer as CFO, a non-Board position, effective 1 December 2017. Mr Koekemoer replaces Dewald van Tonder.
André has been with Capital Drilling since 2009, having previously acted as Financial Manager, Operations Commercial Manager (LATAM), Group Financial Controller and most recently Deputy CFO. Prior to Capital Drilling he had extensive experience in African markets as Group Financial Manager for iBurst Africa. He holds a Bachelor of Accountancy Degree from the University of the Free State in South Africa.
Commenting on the management change, Jamie Boyton, Chairman said:
"I would like to take this opportunity to thank Dewald for his contributions to the Company and wish him well for the future.
I would also like to welcome André as CFO. Having been with Capital Drilling since 2009, I look forward to working with him in this new role."
For further information, please visit Capital Drilling's website www.capdrill.com or contact:
Capital Drilling Limited +230 464 3250
Jamie Boyton, Executive Chairman investor@capdrill.com
André Koekemoer, Chief Financial Officer
finnCap Ltd +44 20 7220 0500
Christopher Raggett, Corporate Finance
Emily Morris/Simon Johnson, Corporate Broking
Tamesis Partners LLP +44 20 3882 2868
Charlie Bendon
Richard Greenfield
Buchanan +44 20 7466 5000
Bobby Morse capitaldrilling@buchanan.uk.com
Gemma Mostyn-Owen
About Capital Drilling
Capital Drilling provides specialised drilling services to mineral exploration and mining companies in Africa and other emerging and developing market for exploration, development and production stage projects. The Company currently owns and operates a fleet of 92 drilling rigs with established operations in Botswana, Egypt, Ethiopia, Ghana, Ivory Coast, Kenya, Mali, Mauritania, Serbia and Tanzania. The Group's corporate headquarters is in Mauritius.