Dart Energy International Pte Ltd has executed agreements for a US$100 million senior secured reserves based lending facility with Hong Kong and Shanghai Banking Corporation Limited, Singapore Branch, to provide development funding for Dart Energy International’s near term development projects.
The financing documents are consistent with the debt mandate previously announced, and financial close / first draw-down is expected in September 2012.
The Facility is structured so as to provide Dart Energy International with immediate working capital funding of up to US$10 million and up to a further US$90 million over the next two years to fund development of certain advanced projects in Dart Energy International’s portfolio. Initially, the projects are PEDL 133 (U.K.), Liulin (China) and Sangatta West (Indonesia).
John McGoldrick, Chief Executive Officer of Dart Energy International, commented that the company was entering into next phase of its growth and the company was now looking at the commercialisation of some of its assets.
“We are delighted to have successfully finalised this facility from HSBC, which we believe to be the first reserve based lending for development of CBM projects in Europe or Asia. It follows extensive technical and commercial due diligence by HSBC on Dart’s projects. The facility is on attractive terms, providing us with access to development funding for multiple projects.
“This allows us to further build on our efforts to rapidly bring these projects into production. It is great support for the work we have been doing, and for the future development of Dart Energy. We are encouraged by the confidence HSBC has shown in Dart Energy’s business and we look forward to working closely with HSBC in the future”.
LNG World News Staff, August 29, 2012