Niko Agrees to $550M Credit Facility Terms
Niko Resources Ltd. has agreed to the terms of a US$550 million credit facility with Societe Generale Corporate & Investment Banking. The facility is outlined in a credit-approved term sheet and is subject to satisfactory legal documentation and due diligence, receipt of certain third-party reports and syndication.
The facility will expire on September 30, 2011, but at Niko's option, may be extended to September 30, 2012.
Upon completion of the D6 Block development the facility may be used for other projects.
Edward Sampson, President and CEO of Niko Resources, said: "We are very pleased with overall banking market response and to have reached this agreement with Societe Generale Corporate & Investment Banking. As of today we have no debt, cash in excess of Cdn $200 million and ongoing cash from operations. Adding the facility ensures Niko has ample financial strength to continue to propel growth."
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