The remaining US $167.5 million of the original bridge loan facility which was established last year to fund the US $275 million acquisition of ROC's interest in the Zhao Dong Project, in the Bohai Bay, offshore China will be repaid in full from the initial drawdown under the new loan facility.
Commenting on the refinancing, ROC's Chief Executive Officer, John Doran stated that:
"The completion of the refinancing marks another key milestone for the Company and underscores confidence in ROC's corporate growth plans, including aggressive active exploration and/or development programmes in Australia, Angola and China. The establishment of an overall senior debt facility also provides the necessary capacity and flexibility to continue to grow our business in line with ROC's strategic objectives.''
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