Business
New Banking Facilities
New Banking Facilities.
About this update from Afentra Plc
[{"type":"text","content":"\n Sterling Energy PLC\n18 December 2007\n\n\n18 December 2007\n\n\n STERLING ENERGY PLC\n ('Sterling' or the 'Company')\n\n New Banking Facilities Completed\n\n\nSterling (symbol: SEY), an AIM listed independent oil & gas exploration and\nproduction company with interests in the Gulf of Mexico, Africa and the Middle\nEast, is pleased to announce that it has signed new banking facilities with an\ninitial borrowing base of $160.3 million and with the flexibility to increase\nthis to up to $265 million. The new facilities have a term of 6 years at a\ncurrent rate of interest of 6.9% pa. Syndication by the lead bank, Natixis, is\nin progress. The new facilities complete the refinancing of Sterling's existing\nbank facilities.\n\nAll conditions relating to the refinancing have been met and drawdown of $153.8\nmillion has been made. As is usual, there is a borrowing base review every six\nmonths with the first one effective mid-January 2008.\n\n\nGraeme Thomson, Sterling's Finance Director said:\n\n'This is a major achievement, particularly in light of current credit market\nconditions, as it refinances all of Sterling's debt which principally arise from\nthe early 2007 Whittier deal. It now gives Sterling a known platform on which\nto build its borrowing base and will greatly extend its banking relationships'.\n\n\n\n\n\nEnquiries\n\nSterling Energy (+44 20 7405 4133) Web site: www.sterlingenergyplc.com\nHarry Wilson\nGraeme Thomson\n\n\nCitigate Dewe Rogerson (+44 20 7638 9571)\nMedia enquiries: Martin Jackson\nAnalyst enquiries: Kate Delahunty\n\n\nEvolution Securities (+44 20 7071 4300)\nRob Collins\n\n\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2062,"tagName":"div"}]