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2 May 2013 07:00
For Immediate Release, 7am 2 May 2013
LENI GAS AND OIL PLC
("LGO" or the "Company")
LGO signs a US$ 50 million debt facility
Leni Gas and Oil plc is today pleased to announce that Meridian SEZC ("Meridian") and LGO have entered into a definitive agreement through which Meridian will provide up to USD$50 million of debt with a first draw down scheduled to be $20 million.
This securitised commercial debt will be repayable on a straight line basis over 5 years. The arrangement does not require LGO to issue any new equity.
The deal is subject to final documentation and regulatory approvals and is expected to be completed shortly.
Neil Ritson, Chief Executive of LGO commented: "This represents a very significant step forward for the Company and will provide the funds needed for the development of our existing reserve base in Trinidad and Spain, and will additionally accelerate our plans for production growth in Trinidad."
About Meridian SEZC
Meridian SEZC is a privately owned finance company located in the Cayman Islands that focuses on resource based, commodity and derivative investments.
Enquiries:
Leni Gas & Oil plc
David Lenigas Neil Ritson | +44 (0)20 7440 0645 |
Beaumont Cornish Limited
Nomad and Joint Broker Rosalind Hill Abrahams Roland Cornish | +44(0) 20 7628 3396 |
Old Park Lane Capital Plc
Joint Broker Michael Parnes | +44(0) 20 7493 8188 |
Shore Capital
Joint Broker +44 (0) 20 7408 4090
Pascal Keane
Jerry Keen (Corporate Broking)
Pelham Bell Pottinger
Financial PR Mark Antelme | +44 (0) 20 7861 3232 |
Henry Lerwill |
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