Caracal Secures $140m in Debt Financing

Source: www.gulfoilandgas.com 4/7/2014, Location: Africa

Caracal Energy Inc through its wholly owned subsidiary PetroChad Mangara Limited, is pleased to announce that it has signed a US$140 million Reserve Based Senior Secured Facility (the "Facility") with a syndicate of lenders led by Natixis and Société Generale Corporate & Investment Banking as Initial Mandated Lead Arrangers and Bookrunners and ING Bank as Mandated Lead Arranger. In addition, Caracal has an option to increase the Facility by up to an additional US$110 million subject to receipt of further lender commitments. The Facility has a final maturity date of March 31, 2017.

The Facility is devoted to the development of the Company's assets in the Republic of Chad ("Chad").

Trevor Peters, Chief Financial Officer for Caracal commented:
"We are very pleased to have successfully completed these arrangements which will augment our working capital position over the next two years and in conjunction with our early operating cash flows this will provide a solid foundation for funding the expansion of our development projects in Chad. The support we received from the lending banks demonstrates the underlying confidence in our producing assets as well as the business environment in Chad." v Sylvain Sarda, Head of Upstream Finance, Oil Independents & Mining, at Natixis commented:
"Natixis is proud having closed with Société Generale this major transaction for Caracal which is also a milestone for Chad oil industry and the RBL space in Africa. Caracal is a young company with promising growth potential and we are keen supporting the business further."

Christophe Roux, Head of Reserve Based Finance, EMEA & CIS, at Société Generale Corporate & Investment Banking, commented:
"Caracal Energy is an important client for Société Generale and we are delighted to have led (along with Natixis), the inaugural bank financing for the Company. The Company has an attractive portfolio of assets, which provides it with significant growth potential, and a very reputed and experienced management. We look forward to continuing our support of the Company and its growth strategy."


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