21 Jun 2017 07:00
21 June 2017
Ophir Energy plc
("Ophir")
New Debt Facility Signed
Ophir announces that it has signed a new US$250 million Reserve Based Lending Facility ("RBL") secured against the Group's producing assets in Southeast Asia. In addition to the committed US$250 million, a further US$100 million is available on an uncommitted "accordion" basis. The RBL has a seven year term and matures on 30 June 2024.
The RBL replaces Ophir's existing RBL facility which matures in December 2019. The new RBL facility is currently undrawn.
The facility has been provided by Australia and New Zealand Banking Group Limited, BNP Paribas, Commonwealth Bank of Australia, Crédit Agricole, HSBC, Société Générale and Standard Chartered. Rothschild and Ashurst advised Ophir and Herbert Smith Freehills advised the banks.
Commenting on the new facility, Tony Rouse, CFO of Ophir said:
"We are pleased to have the continued support from our key relationship banks and to welcome new lenders into the facility. The combination of existing cash, this credit facility and cash flows from operations will provide the capital for Ophir to continue to invest to maximise the cash generation of its production and development portfolio."
For further enquiries please contact:
Ophir Energy plc + 44 (0) 20 7811 2400
Tony Rouse, CFO
Geoff Callow, Head of IR and Corporate Communications
Brunswick (PR Adviser to Ophir) +44 (0) 20 7404 5959
Patrick Handley
Wendel Verbeek