15 Apr 2010 08:05
15 APRIL 2010
FORTUNE OIL PLC
("Fortune Oil" or "the Company")
New US$80 Million Loan Facility
Fortune Oil is pleased to announce the signing of a US$80 million (£52 million) loan agreement by Fortune Oil PRC Holdings Limited, the Company's principal intermediate holding company in Hong Kong. The facility is a dual currency term loan (in US dollars and Hong Kong dollars) with a term of 3 years and a margin of 2.7 per cent above LIBOR or HIBOR. The facility is guaranteed by Fortune Oil PLC.
Standard Chartered Bank (Hong Kong) Limited is the Facility Coordinator and Agent Bank. A total of 11 international and regional banks participated in the transaction and the facility was over-subscribed. The facility structure is similar to the US$50 million three year loan facility signed in April 2007 and the covenants are standard for this type of loan.
The proceeds will be used to refinance the US$25 million outstanding under the previous loan facility, which matures on 26 April 2010, and for general working capital requirements of the Fortune Oil Group.
Enquiries:
Fortune Oil PLC
John Pexton - Deputy Chief Executive Tel: 00 852 2583 3113 (Hong Kong)
Pelham Bell Pottinger
Archie Berens Tel: 020 7337 1509 or 07802 442 486