The loan facility is structured as an unsecured NOK loan with five year maturity and an interest rate of 4.00 percent above 3-months NIBOR, i.e. with a current interest rate of approximately 6.50 percent. The offering was approximately 100% oversubscribed.
The company will utilize the funds in its upcoming field development program and to ensure liquidity during its extensive exploration and appraisal drilling program.
"This is natural further step in our growth strategy," says Tim Sullivan, CEO of Revus. "Having built a large portfolio of development and exploration opportunities and secured drilling rig capacity through our contract with Dolphin AS, we have now secured the necessary funding to adequately finance our planned projects."
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