Santos has executed documentation to refinance its 2025 maturing syndicated bank loan facility. The facility, previously for US$250 million, has been increased to US$850 million.
The facility represents a fully-revolving loan maturing in January 2030, refinancing the previous facility that had a maturity date of August 2025. The loan bears a floating interest rate over the Secured Overnight Funding Rate (SOFR) with a margin that references Santos’ external credit rating, currently 1.55 per cent per annum for the 5.5-year facility.
Santos Chief Executive Officer Kevin Gallagher said the syndicated facilities were consistent with the company’s strategy of securing flexible and competitively priced funding whilst providing additional liquidity and strengthening the balance sheet.
'Increasing the facility on these terms is an excellent result for Santos and continues to demonstrate strong support from our bank lenders.'
'The facilities are fully-revolving, which provides significant flexibility and lower borrowing costs when not drawn,' Mr Gallagher said.
Source: Santos
