Last checked at 22 Aug 2013 07:00
For immediate release
Citigroup Inc. (NYSE: C)
Trinity Exploration & Production plc (AIM: TRIN)
August 22, 2013
CITI AND TRINITY SIGN US$25 MILLION LOAN AGREEMENT The funding will be used for Trinity's continued expansion in Trinidad & Tobago
Port of Spain, Trinidad, August 22, 2013 - Citibank N.A., acting through its international banking facility, and Trinity Exploration and Production (Trinidad and Tobago) Limited have reached a US$25 million financing agreement, which provides the company with financing flexibility if required for development capital expenditure or acquisitions. This brings the total credit facilities currently outstanding and committed by Citi to the Company to US$43 million.
Trinity, the leading independent exploration and production company focused on Trinidad and Tobago, will use the loan to continue their growth in the country. The loan is incremental to Trinity's existing facilities with Citi affiliates, and will initially be undrawn, but is available to be drawn down at any time between now and August 2014. Trinity Exploration and Production (Trinidad & Tobago) Limited is a subsidiary of Trinity Exploration and Production PLC.
Citi has had a continued presence in Trinidad & Tobago for 48 years, offering world-class financial products and services and contributing to the country's development.
According to Dennis Evans, Citi Caribbean Cluster Head, "This agreement underscores Citi's continued support of Trinity and of the oil and gas sector in Trinidad and Tobago, the mainstay of the country's economy. Citi has been a lender to Trinity since January 2010 and over the last few years we have continued extending our services to them."
This loan is in addition to a US$20 million facility (currently US$18 million drawn), which was also provided by Citibank (Trinidad & Tobago) Limited and Citicorp Merchant Bank Limited.
Monty Pemberton, Chief Executive Officer of Trinity, said, "We are pleased to have secured additional financing headroom of US$25 million to accelerate our growth and thank Citibank for their continued support of our business. This new facility provides financial flexibility to increase reserves and production without diluting our shareholders."
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About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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About Trinity
Trinity is the largest independent E&P Company focused on Trinidad and Tobago. Trinity operates assets onshore and offshore on both the West and East coasts. Trinity's portfolio includes current production, significant near-term production growth opportunities from low risk developments and multiple exploration prospects with the potential to deliver meaningful reserves/resources growth. The company operates all of its licences and has 2P reserves of 36 mmbbl and is targeting 5,000 bopd production by the end of 2013. Trinity is listed on the AIM market of the London Stock Exchange under the ticker TRIN.LN.
Media Contacts:Citi Lesley Taylor-Gouveia(868) 625-1046
lesley.taylorgouveia@citi.com
Trinity Exploration & Production
Robert Gair +44 (0)20 7404 5959
RBC Capital Markets (NOMAD & Joint Broker to Trinity)
Tim Chapman, Matthew Coakes, Daniel Conti
+44 (0) 20 7653 4000