Endeavour Closes Lending Facility with Bank of Scotland

Endeavour has closed a new $25 million (USD) lending facility with Bank of Scotland PLC.

"The proceeds of this new facility together with the $20 million private equity placement announced last week will supplement the company's cash flow to accelerate our new initiative to explore gas shale plays in the United States while we continue to develop three significant growth potential assets in our North Sea portfolio in the United Kingdom," said William L. Transier, chairman, chief executive officer and president.

The new facility bears interest of Libor plus 800 basis points for a one-year term.


Company: Endeavour International Corporation more info
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 - Endeavour CFO Resigns (Oct 29)