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Friday, November 22, 2013
Serinus Energy signed two loan agreements in the aggregate amount of $60 million with the European Bank for Reconstruction and Development (EBRD) to aid in financing the capital program being planned for its recently acquired oil and gas fields in Tunisia. The company holds stakes in the Sabria, Chouech Essaida, and Ech Chouechand Sanrah.
The financing consists of two loans, one in the amount of $40 million (senior loan) and the second in the amount of $20 million which can be converted in to shares of the company (convertible loan). The Senior Loan can be drawn in two tranches of $20 million each and carries an interest rate of Libor plus 6%. Some or all of the Convertible Loan can be repaid with, or converted into common shares of the company at the then current market price of the shares.
Tim Elliott, the president and CEO of Serinus said: “The EBRD played an important funding role in our success in Ukraine where we were able to increase production almost 500% in 40 months and we are very pleased to be able to work on a new project with the bank, which has been a true partner for us. The investment which we are about to make in Tunisia represents the largest single investment in our Company’s history. This is not only a reflection of our confidence in the potential of our projects, but also our confidence in the future of Tunisia and its people.”
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