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Siccar Point Energy increases existing Reserves Based Lending Facility
13 Dec 2018
Siccar Point Energy has signed an agreement with its existing syndicate of banks to increase and extend its existing Reserves Based Lending Facility ('RBL'). Key features are:
- Increase in facility limit from $600 million to $800 million. Availability under the RBL has also increased to over $700 million.
- Final maturity extended to 2025 (from 2023), restoring original seven-year maturity.
- Increased ability to issue additional subordinated debt.
- All Siccar Point Energy’s existing banks participated in the increase.
The banks in the RBL remain: DNB (Co-Technical), ING (Co-Technical), Natixis (Agent), ABN Amro, Barclays, BNP, CACIB, Citi, Commonwealth Bank of Australia, Nedbank and NIBC. Siccar Point Energy was advised by Rothschild & Co and Ashurst.
Siccar Point Energy CEO Jonathan Roger said:
'The ongoing support of such a strong bank group positions Siccar Point extremely well financially to deliver our forward plans. Next year is shaping up to be another exciting chapter for the company with first production from the Mariner field, our two high impact Blackrock and Lyon exploration wells, and of course progressing the Cambo development towards project sanction following the highly successful well test earlier this year.'
Source: Siccar Point Energy