BPZ Nixes Negotiations for Senior Credit Facility
BPZ Resources' subsidiary, BPZ Exploracion & Produccion S.R.L, has elected to terminate negotiations on the previously announced $55 million reserve based credit facility being arranged by Natixis. This does not affect the previously closed and funded $15 million International Finance Corporation (IFC) facility. BPZ will evaluate its future secured credit requirements and consider all alternatives.
Ed Caminos, Chief Financial Officer commented, "The recent completion of the Convertible Senior Notes Offering, with the option of repaying all or part of the principal in cash, indicates confidence from our investors in BPZ's underlying asset base and core business strategy. Proceeds from the Convertible Notes Offering should allow us to undertake our 2010 capital expenditures program, including drilling and continued development of Corvina and Albacora." Mr. Caminos concluded, "Once Corvina and Albacora reserves and production have been firmly established with a more solid base, we anticipate that future financing options such as a reserves based credit facility will become more accessible and with more acceptable terms."
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