Roc Oil Completes Debt Refinancing
Consistent with its previously advised financial strategy, ROC says that the refinancing of its existing 12 month bridge loan facility has been completed with the execution of a new US$200 million four year loan facility with the Commonwealth Bank of Australia, Societe Generale and BOS International (Australia) Limited.
The remaining US $167.5 million of the original bridge loan facility which was established last year to fund the US $275 million acquisition of ROC's interest in the Zhao Dong Project, in the Bohai Bay, offshore China will be repaid in full from the initial drawdown under the new loan facility.
Commenting on the refinancing, ROC's Chief Executive Officer, John Doran stated that:
"The completion of the refinancing marks another key milestone for the Company and underscores confidence in ROC's corporate growth plans, including aggressive active exploration and/or development programmes in Australia, Angola and China. The establishment of an overall senior debt facility also provides the necessary capacity and flexibility to continue to grow our business in line with ROC's strategic objectives.''
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