Singapore-based KrisEnergy Ltd. (KrisEnergy or the Company, and together with its subsidiaries, the Group), an independent upstream oil and gas company, reported Friday that effective March 24, 2016, the Company has extended its existing revolving credit facility (the Facility) by one year to March 24, 2017. The Facility amount is approximately $111 million and will reduce to approximately $55 million on July 31, 2016.
The Facility is secured by the Company’s producing assets in the Gulf of Thailand and in Bangladesh, and development assets in the Gulf of Thailand and in Indonesia.
The Hongkong and Shanghai Banking Corporation Limited, Commonwealth Bank of Australia and Australia and New Zealand Banking Group Limited are Mandated Lead Arrangers under the Facility.
Given the current macroeconomic environment, a key priority for the Company in 2016 is to manage cash flows and liquidity. As such, KrisEnergy’s management is examining all strategies to put the Company’s capital structure on a long-term footing and to provide maximum flexibility to access a range of funding options going forward. The Facility extension is in furtherance of that goal.
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