Restructuring of Existing Term Loans

Source: www.gulfoilandgas.com 8/17/2020, Location: Africa

LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, is pleased to announce that LEKOIL Oil and Gas Investment Limited ("LOGL"), in which the Company has a 90 per cent economic interest, has agreed and executed a Restructuring Offer Letter with its existing lenders, FBNQuest Merchant Bank ("FBNQuest") to restructure its existing secured interest-bearing term loans.

Following servicing of the quarterly amortisations due on 30 June 2020, LOGL had an outstanding balance of interest-bearing term bank loans of US$15.9 million.

FBNQuest and LOGL have agreed to restructure the existing three interest-bearing term bank loans into one secured loan under the following terms:

- An extension of loan tenor with new term loan maturity date of 31 March 2024. This represents an increase on the average maturity of the three existing bank loans by 15 months.

- Interest will be paid quarterly in arrears with the pricing remaining at LIBOR + 10.0%.

- Sculpted quarterly term loan principal repayment delivering a cash saving as compared to the previous loan structures of over US$3.0 million over the next 15 months.

- This restructured loan now comprises all LOGL's outstanding external bank debt.

Lekan Akinyanmi, LEKOIL's CEO, commented, "We are pleased with our relationship with FBNQuest who continue to provide strong support as a financial partner in developing our asset portfolio. By restructuring our term loans, we have been able to significantly reduce our near term quarterly amortisations thus providing further flexibility and liquidity for the Company as macro-economic sentiments improve."


Cameroon >>  8/16/2022 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa , announces that it has made an annual award of share options under i...
Argentina >>  8/15/2022 - Echo Energy plc, the Latin American focused upstream oil and gas company, is pleased to announce the results of the Placing, further to the Company's ...

Bermuda >>  8/15/2022 - Valaris Limited has commenced a consent solicitation (“Consent Solicitation”) with respect to proposed amendments to the indenture (the “Indenture”) g...
Canada >>  8/15/2022 - Civeo Corporation, a leading provider of hospitality services to the natural resources sector, announced that it has agreed to repurchase approximatel...

Canada >>  8/15/2022 - Three Sixty Solar Ltd. (NEO: VSOL) (“Three Sixty,” “Three Sixty Solar,” or the “Company”), the first company to design, build and patent a commercial ...
United Kingdom >>  8/15/2022 - - Restructuring will be implemented through a pre-arranged Chapter 11 process in U.S. Bankruptcy Court
- Restructuring will significantly deleve...





Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.