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Pin to quick picksCapital Regulatory News (CAPD)

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Successful $30m Debt Refinancing

3 Feb 2015 07:00

RNS Number : 8658D
Capital Drilling Limited
03 February 2015
 



For Immediate Release

03 February 2015

 

 

 

Capital Drilling Limited

("Capital Drilling" or the "Company")

 

Successful $30m Debt Refinancing

 

Capital Drilling Limited (CAPD:LN), the emerging and developing markets focused drilling company, today announces that it has successfully refinanced its senior bank facilities for a further three years, in addition to securing a new overdraft facility, supporting the Group's medium term funding requirements.

The new debt facility, which matures in January 2018, is with Standard Bank South Africa, a leading lending institution in the African banking market.

The facility will provide funding to refinance all outstanding amounts under the Company's existing $17m term loan facility and $30m revolving credit facility. Capital Drilling's focus on cash flow generation and its strategy of deleveraging has resulted in surplus headroom which has been cancelled as part of the refinancing to further reduce finance charges.

Capital Drilling's Chief Financial Officer, Uno Makotsvana, said:

"Capital Drilling's refinancing and extension of the senior bank facility was strongly supported by our existing banking relationship. As a result of the refinance we have reduced the previous $47m facility to $30m, extended the maturity profile and provided increased flexibility and ease of facility administration.

Our conservative approach to debt, as well as the strength of our credit standing, was recognised by our lenders and reflected in their strong support for the refinancing."

 

For further information please access Capital Drilling's website www.capdrill.com or contact:

 

Capital Drilling Limited +65 6227 9050

Jamie Boyton, Executive Chairman

Uno Makotsvana, CFO

 

Liberum Capital Limited +44 (0)20 3100 2000

Clayton Bush

Richard Bootle

 

Buchanan +44 (0)20 7466 5000

Bobby Morse

Gabriella Clinkard

 

 

 

About Capital Drilling

 

Capital Drilling provides specialised drilling services to mineral exploration and mining companies in emerging and developing markets, for exploration, development and production stage projects. The Company currently owns and operates a fleet of 96 drilling rigs with established operations in Chile, Egypt, Ghana, Mauritania, Tanzania and Zambia. The Group's corporate headquarters is in Singapore and it has its administrative offices for South America in Santiago.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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