Coastal Energy announced the closing of a new borrowing base credit facility with BNP Paribas and Commonwealth Bank of Australia.
The $80MM facility, led by BNP Paribas, is secured by the Company's 12.6% interest in the Sinphuhorm gas field onshore Thailand and the Songkhla field in the Gulf of Thailand. The proceeds of the initial drawdown were used to repay amounts outstanding under the Company's previous debt agreements. Subsequent drawings will be used to fund development of the Company's offshore assets.
Randy Bartley, Chief Executive Officer of Coastal Energy, commented, "We are pleased to announce the closing of this new credit facility. It will give us the financial flexibility to continue developing our Gulf of Thailand assets while evaluating other opportunities to redeploy capital."
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