TransAtlantic Clinches Funding for Turkish Operations
TransAtlantic Petroleum's wholly-owned subsidiaries, Petroleum Exploration Mediterranean Pty. Ltd., DMLP, Ltd., Talon Exploration, Ltd. and TransAtlantic Turkey, Ltd., have secured a three-year senior revolving credit facility of up to US $250 million with Standard Bank Plc and BNP Paribas. Proceeds from the facility would be used to fund the Company's operations in Turkey.
The initial borrowing base under the credit facility is US $30 million, and amounts drawn down under the credit facility bear interest at the LIBOR rate plus 6.25%. The credit facility is secured primarily by the Company's assets in Turkey. Additional terms of the credit facility agreement will be included in the Company's Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission.
Matthew McCann, Chief Executive Officer of the Company, said, "While we don't anticipate drawing on the credit facility in the near term, the credit facility will provide long-term capital that we can utilize in growing our base of production and cash flow in Turkey."
- TransAtlantic Provides Update on Recent Well Results in Turkey (Sep 23)
- TransAtlantic Adds Member to Board (Feb 10)
- TransAtlantic to Sell Oilfield Services Business (Feb 28)