Salamander Energy has successfully completed and syndicated a debt refinancing.
The refinancing comprises a $200 million, seven year senior Reserve Based Lending Facility and is available for immediate drawdown. The facility was arranged by BNP Paribas and fully underwritten by BNP Paribas and syndicate participants including the International Finance Corporation (IFC). The facility is based on the Company's Phu Horm, Offshore Northwest Java, Southeast Sumatra, Bualuang and Kambuna oil and gas interests.
The new facility will replace the existing $125 million Bridge financing arranged by BNP Paribas in March 2008 at the time of the acquisition of GFI Oil and Gas Corporation.
"I am pleased that, in the current credit environment, Salamander has been able to work alongside BNP Paribas to secure cost competitive long term debt financing," said James Menzies, Chief Executive of Salamander Energy. "This re-affirms the strong cash generative nature of Salamander's producing and late stage development assets."
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