Energy World Corporation said that it’s wholly owned subsidiary EEES has executed loan documentation to revise and upgrade its existing facility to US$125.0 million.
The existing facility was originally US$88.0 million (currently paid down to approximately US$68 million). The upgraded facility will provide additional funds of approximately US$52 million (net of financing and related costs). The facility’s mandated lead arrangers are Standard Chartered Bank, Mizuho Bank Ltd and Natixis (Singapore Branch).
This facility can be used for general corporate purposes in respect of EEES’ petroleum operations and to finance commercialization of gas from the Kampung Baru (KB), Walanga, Sampi Sampi and Bonge (Wasambo) gas fields within the Sengkang PSC. The facility also includes an accordion feature which allows the facility to step up from US$125.0 million to US$200.0 million following satisfaction of completion tests for the Wasambo gas fields and related arrangements for the commercialization of the gas.