Valiant Completes Refinancing of Existing Debt Facilities
Valiant Petroleum has completed the refinancing of its existing senior and subordinated debt facilities into a five-year, US$335 million Senior Secured Borrowing Base Facility (the "Facility") after receiving credit approved commitments in excess of US$400 million.
The transaction was led by BNP Paribas and Lloyds Banking Group and included a group of seven additional international banks acting as Mandated Lead Arrangers.
The Facility is a traditional North Sea borrowing base financing secured against the Company's interests in the producing Don Southwest (Valiant; 40.0%) and West Don (Valiant; 17.275%) fields and has provisions for accessing finance against other development and producing assets subject to certain conditions precedent. There is also pre-approval to extend the total facility limit up to $400 million on existing terms subject to obtaining additional credit commitments from existing or new lenders. The initial available amount under the borrowing base has been set at $184 million and will next be redetermined in June 2011.
Mark Lewis, Chief Financial Officer, commented:"We are extremely pleased to have completed our refinancing on competitive terms despite continued macro challenges in the international banking markets. The new facility will give us access to additional development capital and strategic flexibility over the coming years in support of our long-term growth targets. We now have a strong and appropriate group of banks and we look forward to working with them as strategic partners to support the growth of our business in the coming years."
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension