18 Oct 2013 07:00
18 October 2013
Fortune Oil PLC
("Fortune Oil" or the "Company")
US$300 Million Loan Facility
Fortune Oil (LSE: FTO.L) is pleased to announce the signing of a US$300 million (GBP188 million) loan agreement by Fortune Oil PRC Holdings Limited, the Company's principal intermediate holding company in Hong Kong. The facility is denominated in US$with a term of three years and a margin of 2.75% over LIBOR. The facility is guaranteed by Fortune Oil and secured by share charges over its various investment holdings subsidiaries.
Morgan Stanley Asia Limited is the Global Coordinator and Facility Agent Bank. A total of 18 international and regional banks participated in the transaction and the facility was materially over-subscribed. The facility structure is similar to the Company's US$180 million three year loan facility signed in April 2011.
This new facility will be used to repay the existing syndicated loan, provide the Company with working capital, and finance new investment.
For further information please contact:
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Fortune Oil PLC Tee Kiam Poon - Chief Executive Bill Mok - Chief Financial Officer
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Tel: (+852) 2583 3125 Tel: (+852) 2583 3120
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Bell Pottinger Archie Berens |
Tel: (+44/0) 7802 442486 |
Background on Fortune Oil
Fortune Oil is a leading independent energy company engaged in the investment and operations of oil and natural gas supply projects in the People's Republic of China. Fortune Oil has acquired a unique portfolio of high quality oil and natural gas projects across the country and has formed a strong partnership with domestic and international market leaders. Fortune Oil recently started an expansion outside the PRC securing resource projects. Fortune Oil is listed on the Main Market of the London Stock Exchange with its operational headquarters in Hong Kong.