Solana Resources Enters $100 Million Agreement with BNP Paribas Bank
Solana Resources Limited has secured a USD$100 million senior first lien three year revolving secured credit facility with BNP Paribas Bank. The initial amount available for drawdown under the facility is USD$26 million and amounts drawn down bear an interest rate that varies with the Company's net production ranging from 2.375% to 3.125% over LIBOR.
The facility is secured against the Company's Colombian oil and gas reserves and the amount available for drawdown will be adjusted pursuant to semi-annual reserve reports. Proceeds from the credit facility will be used to fund the Company's ongoing exploration and development projects. The Company has no immediate plans to draw on the facility following the CDN$60 million gross financing the Company closed on November 26, 2007.
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