StockMarketWire.com - Upstream oil company Kosmos said it had restructured its previously announced prepayment facility into a five-year $200 million term-loan facility secured against the company's US Gulf of Mexico assets.
The $50 million advanced under the prepayment agreement with Trafigura announced in June had been rolled into the new facility, with the remaining $150 million provided by Beal Bank, the company said.
The facility, which had an interest rate of approximately 6%, increased the company's borrowing capacity by $50 million from the initial prepayment agreement, extending the tenor to five years and included an accordion feature allowing the facility to be expanded up to $300 million.
As of September 30, 2020, following the closing of the Gulf of Mexico facility, the company 'has approximately $650 million of available liquidity ahead of the conclusion of the fall RBL redetermination which we expect to conclude shortly,' it added.
At 8:39am: [LON:KOS] Kosmos Energy Ltd share price was +4.25p at 83.75p
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