Business
Debt Refinancing and Appointment of CFO
Debt Refinancing and Appointment of CFO.
About this update from Capital Limited
[{"type":"text","content":"\n \nRNS Number : 8014Z Capital Drilling Limited 19 December 2017 \n\n\n\n\n\nFor Immediate Release\n\n\n19 December 2017\n\n\n\n\n \n \n \n \nCapital Drilling Limited\n(\"Capital Drilling\", the \"Group\" or the \"Company\")\nSuccessful $12m Debt Refinancing and Appointment of Chief Financial Officer (\"CFO\")\n \nDebt Refinancing\nCapital Drilling Limited (CAPD:LN), the Africa focused drilling company, today announces that it has successfully refinanced its senior bank facilities for a further three years. The new debt facility, which matures in December 2020, is with Standard Bank South Africa, a leading lending institution in the African banking market. The commercial terms are broadly consistent with those of the previous facility.\nThe facility, which bears interest at 5.75% above LIBOR, will provide funding to refinance all outstanding amounts under the Company's existing $15m revolving credit facility (reduced from an initial $30m). \nThe Company continues to maintain a strong, net cash balance sheet.\n\nAppointment of CFO \nThe Company is also pleased to announce the appointment of André Koekemoer as CFO, a non-Board position, effective 1 December 2017. Mr Koekemoer replaces Dewald van Tonder. \nAndré has been with Capital Drilling since 2009, having previously acted as Financial Manager, Operations Commercial Manager (LATAM), Group Financial Controller and most recently Deputy CFO. Prior to Capital Drilling he had extensive experience in African markets as Group Financial Manager for iBurst Africa. He holds a Bachelor of Accountancy Degree from the University of the Free State in South Africa.\n\nCommenting on the management change, Jamie Boyton, Chairman said:\n\"I would like to take this opportunity to thank Dewald for his contributions to the Company and wish him well for the future.\nI would also like to welcome André as CFO. Having been with Capital Drilling since 2009, I look forward to working with him in this new role.\"\n \nFor further information, please visit Capital Drilling's website www.capdrill.com or contact:\n \nCapital Drilling Limited &n...