21 Jan 2013 07:00
21 January 2013
Great Eastern Energy Corporation Limited
("Great Eastern" or the "Company")
Rupee Facility Agreement for INR 2,450 Million
Great Eastern Energy Corporation Limited (LSE: GEEC), the fully integrated, leading Indian Coal-Bed Methane (CBM) company is pleased to announce that it has signed a Rupee Facility Agreement with a consortium of Indian banks for providing a Rupee term loan facility of INR 2,450 Million (~ US$ 45 million) at a floating interest rate of ~13% per annum (2.5% to 3% above the banks' base rate) with a door to door tenure of 7.5 years.
The Company has drawn down Rs. 825 Million. With the addition of this term loan facility, the total drawn facilities by the company, including the existing rupee term loan and ECB facility, is ~ US$ 133 Million.
For Further Information please contact:
Great Eastern Energy
Yogendra Kr. Modi Chairman & CEO +44 (0)20 7337 1516
Prashant Modi President & COO
Arden Partners
Richard Day +44 (0)20 7614 5917
Goldman Sachs International
James Anderson +44 (0)20 7774 1000
M: Communications
Ann-marie Wilkinson +44 (0)20 7920 2330
Andrew Benbow