Last checked at 3 Feb 2015 07:00
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.