StockMarketWire.com - Niger and Nigeria focused oil company Savannah Petroleum said it had entered into an unsecured loan facility with an initial tranche of $5m expected to be drawn immediately.

The facility was being provided by funds managed by Riverfort Global Capital and Yorkville Advisors Global and would provide funding for working capital and general corporate purposes ahead of the completion of the Seven Energy deal.

It carried a fixed interest premium of 7% payable on the principal amount and any future amounts drawn, to be paid at maturity.

The principal amount and associated interest premium could be repaid at any point up until the initial loan maturity date of 17 January 2020.

Subject to mutual agreement between Savannah and the facility provider, an additional tranche of up to $5m was available to be drawn within a two-year period.




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