Petroleum Africa
Find us on: 
Monday, March 18, 2019
Eland Oil & Gas announced a new accordion facility and increased borrowing base. In November 2018, the company announced that it had successfully refinanced its existing reserve-based lending facility (the RBL facility) with a new five-year syndicated RBL facility in an amount of $75 million, with the option to increase it to up to $200 million via an accordion, subject to incremental production and reserves.
Eland said that following a redetermination, the borrowing base amount has increased from $103 million to $134 million and an initial accordion increase of $50 million is being underwritten by Standard Bank of South Africa Limited and Stanbic IBTC Bank PLC, resulting in the commitments under the facility increasing from $75 million to $125 million. Of the commitments, $50 million is currently drawn.
Standard Advisory London Limited and Stanbic IBTC Capital Limited (as Bookrunners) have been mandated to manage the primary syndication of the initial accordion increase. Principal repayments will commence Q4 2019 (consistent with the statement in the November RNS that there is a one-year grace period on principal repayments from execution of the facility which occurred in November 2018).
" alt="TAG Oil Completes Fraccing Program at Egypt’s T100 Well in Western Desert">
" alt="Sintana to Expand Asset Base in Namibia with Acquisition">
" alt="Luanda Gives Afentra Nod for Azule Acquisition">
" alt="TotalEnergies Increases Stake in ROC’s Giant Moho Field and Sells Mature Assets">
" alt="Africa’s $824 Billion Debt Burden and Opaque Resource-Backed Loans Hinder its Potential">
" alt="African Refiners Ponder Threats to Energy Security for Africa as Transition Takes Center Stage">
" alt="Invictus Inks Gas Sales MOU to Deliver Power to Eureka Gold Mine">
" alt="Globeleq Acquires the 25 MWp Winnergy Solar PV Plant in Egypt">
