Ithaca Energy has announced that its wholly owned subsidiary, Ithaca Energy (UK) Limited, has successfully agreed an amendment and restatement of its US$1,800,000,000 senior reserve based lending ('RBL') facility (US$1,300,000,000 loan facility and US$500,000,000 letter of credit facility). Once effective, the amended RBL provides for, among other things, an extension of the final maturity date to 31 December 2032, improved pricing terms and updates to the accordion mechanic to permit an increase in the total commitments of up to US$1,000,000,000 across the loan and letter of credit facilities.
The amended RBL facility will strengthen the Group's liquidity profile and provide additional financial flexibility to support the continued execution of its strategy. The Company is pleased to continue its longstanding relationship with its syndicate of lending banks and would like to thank them for their continued support.
Iain C.S. Lewis, CFO of Ithaca Energy, commented:
'We are delighted to announce we have agreed an amendment and restatement of our RBL facility. The support received from our global banking syndicate reflects the strength of Ithaca Energy's asset base, cash flow generation and long-term strategy. The improved pricing and extended maturity profile lowers our cost of capital, enhances our financial flexibility and positions the Group well to continue delivering value for shareholders through disciplined investment and strategic growth.'
Source: Ithaca Energy
