21 Aug 2014 07:00
21 August 2014
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
New US$100 million Debt Facility
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces that it has secured a credit commitment from the Commonwealth Bank of Australia for a new US$100 million Reserve Based Loan ("RBL").
The RBL has a maturity of four years and an initial borrowing base and availability of US$35m. Nighthawk expects the addition of future reserves and production growth to add to the availability of the RBL.
Interest rates will be at a competitive premium to US Libor rates and will enable the Company to substantially reduce its borrowing costs.
A further announcement will be made on completion and drawdown, which is subject to customary documentation and certain conditions precedent.
Stephen Gutteridge, Chairman of Nighthawk, commented:
"We are pleased to have secured this commitment from Commonwealth Bank of Australia and we look forward to working with the oil and gas team in Houston to continue to grow Nighthawk's business in the future. We shall utilize the initial drawdown to fund repayments of existing high coupon debt and to press ahead with our drilling and development plans."
- Ends-
Enquiries:
Nighthawk Energy plc Stephen Gutteridge, Chairman Richard Swindells, Chief Financial Officer
|
020 3582 1350
| |
Westhouse Securities Limited Alastair Stratton Robert Finlay | 020 7601 6100 alastair.stratton@westhousesecurities.com robert.finlay@westhousesecurities.com | |
FTI Consulting Ben Brewerton Ed Westropp
| 020 7831 3113 ben.brewerton@fticonsulting.com edward.westropp@fticonsulting.com | |