Gulf Oil and Gas accountACCOUNT

Bumi Armada Refinances Corporate Debt

Source: 4/24/2019, Location: Asia

Malaysia-based international offshore energy facilities and services provider Bumi Armada has announced the signing of documentation related to its corporate debt refinancing.

The Group has refinanced its unsecured term loans of USD380 million (approx. RM1,569million) and revolving credit facilities of USD280 million (approx. RM1,156million) into a single facility ('Facility Agreement') consisting of Tranche 1 facility of USD260 million (approx. RM1,074million), and Tranche 2 facility of USD400 million (approx. RM1,651million). The Loans will be repayable overtwo and five years respectively, from the closing date of the Facility Agreement.

The closing of the Facility Agreement is subject to the satisfaction of certain conditions precedent which are procedural in nature.

Commenting on the refinancing, Mr. Leon Harland, Executive Director and Chief Executive Officer of Bumi Armada said: 'The refinancing of the short-term corporate debt alleviates one of the Groupís main current exposures. The new facility better aligns the corporate debt profile with the cash flow profile of the Groupís main FPO business. The Group must now focus on maximising its revenue while continuing to manage its operational costs, as well as to find additional value via asset monetisation or other structural improvements.

As part of this, the OMS assets together with certain FPO vessels which are idle will be disposed of assuming commercially acceptable sale terms can be obtained. Surplus funds from operations and part of the proceeds from certain strategic initiatives including monetisation of assets and new project financing will be used to repay the Loans.'

Financials and Investment News in Malaysia >>

United States >>  8/20/2019 - Mosman Oil and Gas Limited (MSMN) the oil exploration, development and production company, advises an update on the Champion Project. Currently Mosma...
Brazil >>  8/15/2019 - MODEC, Inc. (MODEC) is pleased to announce that an affiliate of MODEC has issued a project bond in the international capital markets outside Japan to ...

Saudi Arabia >>  8/12/2019 - Saudi Aramco announced for the first time its half-year financial results. The Companyís net income was $46.9 billion for the first half 2019, compare...
Egypt >>  8/7/2019 - The Dubai Financial Services Authority (DFSA) signed a memorandum of understanding (MoU) with the Central Bank of Egypt (CBE) to enhance the relations...

Iran >>  8/6/2019 - A meeting was held to expand joint cooperation between Petropars Group and Bank Melli Iran at the presence of Engineer Hamid-Reza Masoudi. A meeting w...
Cameroon >>  7/30/2019 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa, is pleased to announce an extension of its Bridging Loan Facility ("...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Malaysia Oil & Gas 1 >>  2 | 3 | 4 | 5 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.