Coastal Energy has closed a US $5MM senior secured loan with a private partnership ("the Debt"). The Debt has a six-month term and will bear interest at 16% per annum. The Debt is secured by the Company's Ocean 66 jackup platform, which is currently located in Galveston, Texas. The Debt was issued separately from the Company's US $10MM senior unsecured note offering which was announced December 22, 2008 and is expected to close in late January 2009.
Additionally, the Company announces that it met its required obligation under its reserve-based revolving credit facility with cash on hand prior to the closing of this equipment financing transaction.
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