27 Jan 2014 07:00
ENDEAVOUR INTERNATIONAL CORP - Endeavour Closes $255 Million First Lien Term LoanENDEAVOUR INTERNATIONAL CORP - Endeavour Closes $255 Million First Lien Term Loan
PR Newswire
London, January 26
Endeavour Announces Closing of $255 Million Senior Secured First Lien Term Loan HOUSTON, Jan. 27, 2014 -- Endeavour International Corporation (NYSE: END) (LSE: ENDV) todayannounced the closing of a $255 million senior secured first lien term loan with an interest rate of 8.25%(Libor + 700 basis points). The first lien note is a strip facility consisting of a $125 million Secured TermLoan and a $130 million LC Procurement Facility with the same interest cost. The Company has used the net proceeds from the offering to refinance its 13% $115 million RevolvingCredit Facility and replace its two reimbursement agreements ($120 million at 13% and $33 million at 9%,interest rates respectively). The lower amount of the LC Procurement Facility is a direct result of the firstconfirmed step toward tax relief for field decommissioning security obligations in the U.K. North Sea. Afurther reduction to the outstanding amount of this decommissioning security is expected soon. Thefacility contains a standard covenant package and is due in November 2017. Credit Suisse acted as thecompany's exclusive placement agent for the financing facility. This announcement is neither an offer to sell nor the solicitation of an offer to buy these securities andshall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or saleis unlawful. Endeavour International Corporation is an international oil and gas exploration and production companyfocused on the acquisition, exploration and development of energy reserves in the North Sea and UnitedStates. For more information, visit www.endeavourcorp.com. Certain statements in this news release should be regarded as "forward-looking" statements withinthe meaning of the securities laws. These statements speak only of as of the date made. Suchstatements are subject to assumptions, risk and uncertainty. Actual results or events may varymaterially. SOURCE Endeavour International Corporation
CONTACT: Endeavour - Investor Relations, Darcey Matthews, 713-807-8711