InterOil Corporation (NYSE:IOC) (POMSoX:IOC) announced
that IOC and its subsidiaries, EP InterOil and InterOil Limited, have
entered into a five year amortising US$100 million secured term loan
facility with BNP Paribas Singapore (BNP), Bank South Pacific Limited (BSP), and Australia and New Zealand Banking Group (PNG) Limited (ANZ).
Borrowings
under the facility will be used for repayment of all outstanding
amounts under the term loan granted by Overseas Private Investment
Corporation (OPIC) dated June 12, 2001 (currently net after Debt Service
Reserve Account at $25.4 million), and general corporate purposes.
The loan is secured by InterOil's right, title and interest in the fixed assets of the Napa Napa Refinery in Papua New Guinea.
The secured loan facility bears interest at LIBOR plus 6.5%.
Approval has been received from Bank of Papua New Guinea, and funding is subject to release by OPIC of all securities under the existing loan agreement, and other standard closing conditions.
InterOil is pleased to have the support and confidence of three of the largest banks operating in the South Pacific.
Collin Visaggio, InterOil's CFO remarked, "We are delighted to have extended our banking relationship with BNP which has led our existing $240 million working capital facility since 2005, and strengthened our existing relationship with BSP, Papua New Guinea's largest bank, and ANZ, one of the region's largest lenders.
"This financing should allow us to maintain our accelerated pace of upstream activity while we complete our negotiations with the PNG State and conclude our LNG partnering process.
"At this stage we are pleased by the constructive dialogue with the State and the increased interest in investment in Papua New Guinea following the successful election and formation of the strongest coalition government in the country's history."
Ian Clyne, BSP Group CEO, commented, "We are proud as a Papua New Guinea bank to be involved as co-lead arranger of this international syndication, and being able to strengthen our partnership with InterOil, one of PNGs leading organisations.
"InterOil and BSP, are committed to this emerging nation and its local communities."
Mark Baker, ANZ CEO PNG commented: "InterOil has been a long and valued relationship of ANZ and we are pleased to extend our industry know how and balance sheet support as Mandated Lead Arranger in this transaction.
"As an international bank with a 100-year presence in PNG and an extensive network across Asia Pacific, we are focused on providing international financial expertise and regional specialists to support the development of key industries in PNG for the benefit of our clients and the wider community."
Pierre Joseph Costa, BNP Paribas' Regional Head for Structured Finance APAC and Japan, commented: "We are proud to be part of the changing landscape in PNG, and this loan marks a further commitment of the Bank's relationship with InterOil, whom we have been partnering with since 2005."
The loan is secured by InterOil's right, title and interest in the fixed assets of the Napa Napa Refinery in Papua New Guinea.
The secured loan facility bears interest at LIBOR plus 6.5%.
Approval has been received from Bank of Papua New Guinea, and funding is subject to release by OPIC of all securities under the existing loan agreement, and other standard closing conditions.
InterOil is pleased to have the support and confidence of three of the largest banks operating in the South Pacific.
Collin Visaggio, InterOil's CFO remarked, "We are delighted to have extended our banking relationship with BNP which has led our existing $240 million working capital facility since 2005, and strengthened our existing relationship with BSP, Papua New Guinea's largest bank, and ANZ, one of the region's largest lenders.
"This financing should allow us to maintain our accelerated pace of upstream activity while we complete our negotiations with the PNG State and conclude our LNG partnering process.
"At this stage we are pleased by the constructive dialogue with the State and the increased interest in investment in Papua New Guinea following the successful election and formation of the strongest coalition government in the country's history."
Ian Clyne, BSP Group CEO, commented, "We are proud as a Papua New Guinea bank to be involved as co-lead arranger of this international syndication, and being able to strengthen our partnership with InterOil, one of PNGs leading organisations.
"InterOil and BSP, are committed to this emerging nation and its local communities."
Mark Baker, ANZ CEO PNG commented: "InterOil has been a long and valued relationship of ANZ and we are pleased to extend our industry know how and balance sheet support as Mandated Lead Arranger in this transaction.
"As an international bank with a 100-year presence in PNG and an extensive network across Asia Pacific, we are focused on providing international financial expertise and regional specialists to support the development of key industries in PNG for the benefit of our clients and the wider community."
Pierre Joseph Costa, BNP Paribas' Regional Head for Structured Finance APAC and Japan, commented: "We are proud to be part of the changing landscape in PNG, and this loan marks a further commitment of the Bank's relationship with InterOil, whom we have been partnering with since 2005."
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