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SOCO International announces syndication of the RBL
24 Jun 2019
SOCO International has announced that DBS Bank has joined as a lending bank with effect from 18 June 2019 following the syndication of the Group's existing Reserve Based Lending ('RBL') facility.
The RBL facility is secured against the Group's producing assets in Vietnam and DBS Bank joins BNP Paribas, Crédit Agricole Corporate and Investment Bank and Standard Chartered Bank.
All features of the facility remain as originally announced on 17 September 2018. The RBL has a five-year term and matures in September 2023. The security of the facility remains unchanged.
Of the available facility $100m is currently drawn and was used to fund part of the cash consideration for the acquisition of Merlon Petroleum El Fayum Company, which completed on 2 April 2019.
Source: SOCO International