Petroleum Africa
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Tuesday, April 8, 2014
Caracal Energy Inc., through its wholly owned subsidiary PetroChad Mangara Ltd., signed a $140 million Reserve Based Senior Secured Facility with a syndicate of lenders led by Natixis and Société Generale Corporate & Investment Banking as Initial Mandated Lead Arrangers and Bookrunners and ING Bank as Mandated Lead Arranger.
In addition, Caracal has an option to increase the facility by up to an additional $110 million subject to receipt of further lender commitments. The facility has a final maturity date of March 31, 2017.
The facility is devoted to the development of the company’s assets in the Republic of Chad.
Trevor Peters CFO at Caracal commented: “We are very pleased to have successfully completed these arrangements which will augment our working capital position over the next two years and in conjunction with our early operating cash flows this will provide a solid foundation for funding the expansion of our development projects in Chad. The support we received from the lending banks demonstrates the underlying confidence in our producing assets as well as the business environment in Chad.”
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