Last checked at 17 Sep 2018 07:00
SOCO International plc
("SOCO" or the "Company" or, together with its subsidiaries, the "Group")
New Debt Facility Signed
SOCO announces that it has signed a new US$125 million Reserve Based Lending Facility ("RBL") secured against the Group's producing assets in Vietnam. In addition to the committed US$125 million, a further US$125 million is available on an uncommitted "accordion" basis. The RBL has a five year term and matures in September 2023.
The proceeds of the RBL will be available for general corporate purposes including for funding acquisitions in line with the Group's strategic growth plan.
The facility has been arranged and underwritten by BNP Paribas, Crédit Agricole Corporate and Investment Bank and Standard Chartered Bank. Evercore acted as financial adviser to the Company and Clifford Chance as the Company's legal adviser. Herbert Smith Freehills advised the banks.
Ed Story, President and Chief Executive Officer, commented:
"We are pleased to have concluded this financing transaction, and to have received such strong interest in the bank market and firm support from our new lenders.
The combination of existing cash, the new credit facility and the cash flow from our producing assets in Vietnam ensures that we are funded to take advantage of acquisition opportunities in line with our strategy of creating a full-cycle E&P company with a diversified portfolio."
ENQUIRIES:
SOCO International plc Tel: 020 7747 2000
Ed Story, President and Chief Executive Officer
Jann Brown, Managing Director and Chief Financial Officer
Mike Watts, Managing Director
Sharan Dhami, Group Investor Relations Manager
Camarco Tel: 020 3757 4980
Billy Clegg
Georgia Edmonds
Owen Roberts
NOTES TO EDITORS
SOCO is an international oil and gas exploration and production company, headquartered in London and traded on the London Stock Exchange. The Company has field development, exploration and production interests in Vietnam.
SOCO holds a 30.5% working interest in the Te Giac Trang Field of Block 16-1, which is operated by the Hoang Long Joint Operating Company. Block 16-1 is located in the shallow water Cuu Long Basin, offshore southern Vietnam.
SOCO holds a 25% working interest in the Ca Ngu Vang field of Block 9-2, which is operated by the Hoan Vu Joint Operating Company. Block 9-2 is located in the shallow water Cuu Long Basin, offshore southern Vietnam.
SOCO holds a 70% interest in and is designated operator of Blocks 125 & 126, located in the moderate to deep water Phu Khanh Basin, offshore central Vietnam.
Evercore Partners International LLP ("Evercore"), which is authorised and regulated in the United Kingdom by the FCA, is acting as financial adviser exclusively for SOCO and no one else in connection with the Transaction and accordingly will not be responsible to anyone other than SOCO in providing the protections afforded to clients of Evercore nor for providing advice in relation to the Transaction, the content of this announcement or any matter referred to herein. Neither Evercore nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statue or otherwise) to any person who is not a client of Evercore in connection with this announcement, any statement contained herein or otherwise.