IFC to Convert Vinccler Loan into PFC Shares
The International Finance Corporation (IFC) will convert the US$4mn remaining from an outstanding loan to Vinccler Oil & Gas into common shares of Vinccler's parent company, Canada's PetroFalcon (TSX: PFC), Vinccler said in a statement.
"As a result, Vinccler Venezuela will have zero long-term debt and IFC will own approximately 10% of PetroFalcon's basic common shares outstanding," said Vinccler, which operates in Venezuela.
The loan originally totaled US$12mn and was disbursed in 2005. The remaining US$8mn has already been converted into equity.
"This significantly improves our balance sheet," Juan Francisco Clerico, PetroFalcon chairman and CEO, said in the statement about the loan conversion.
Vinccler has a 40% stake in PetroCumarebo, a joint venture in which state oil firm PDVSA holds the remaining 60%.
PetroCumarebo produces about 1,200b/d of light crude and some 12Mf3/d (340,000m3/d) of natural gas.
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