Stock Market News
Kosmos Energy refinances reserves-based lending facility
Kosmos Energy announced on Tuesday that it has refinanced its reserves based lending (RBL) facility.
The London-listed firm said the facility, which previously incorporated only the company's Ghana assets, now included the recently-acquired producing assets in Equatorial Guinea, as well as allowing the company the future flexibility to include the Greater Tortue development after its final investment decision.
It said the structure of the RBL included an expansion feature which would allow the facility size to be increased up to an additional $500m in the future, at the company's election.
In addition to the inclusion of new borrowing base assets, Kosmos said the borrowing capacity had been increased to $1.5bn, up from $1.3bn, while the date of maturity was extended by four years to 31 March 2025.
Amortization was extended by four years to 31 March 2022, and commitment fees had also been lowered.
Following the re-financing of the RBL, Kosmos' total available liquidity had now increased to approximately $1.3bn.
"We are pleased to have refinanced our RBL facility, increasing our borrowing capacity through the incorporation of our increased reserves and production," said Kosmos senior vice president and chief financial officer Thomas P. Chambers.
"The financing, which was oversubscribed, saw strong appetite from both new and existing banks."
Chambers said that, with the additional RBL capacity and strong liquidity, Kosmos was maintaining its low leverage and "very solid" financial position.
"Proactive management of the company's balance sheet is a key part of the company's strategy and enables us to take advantage of attractive organic and inorganic opportunities and grow the company from a position of strength."
The London-listed firm said the facility, which previously incorporated only the company's Ghana assets, now included the recently-acquired producing assets in Equatorial Guinea, as well as allowing the company the future flexibility to include the Greater Tortue development after its final investment decision.
It said the structure of the RBL included an expansion feature which would allow the facility size to be increased up to an additional $500m in the future, at the company's election.
In addition to the inclusion of new borrowing base assets, Kosmos said the borrowing capacity had been increased to $1.5bn, up from $1.3bn, while the date of maturity was extended by four years to 31 March 2025.
Amortization was extended by four years to 31 March 2022, and commitment fees had also been lowered.
Following the re-financing of the RBL, Kosmos' total available liquidity had now increased to approximately $1.3bn.
"We are pleased to have refinanced our RBL facility, increasing our borrowing capacity through the incorporation of our increased reserves and production," said Kosmos senior vice president and chief financial officer Thomas P. Chambers.
"The financing, which was oversubscribed, saw strong appetite from both new and existing banks."
Chambers said that, with the additional RBL capacity and strong liquidity, Kosmos was maintaining its low leverage and "very solid" financial position.
"Proactive management of the company's balance sheet is a key part of the company's strategy and enables us to take advantage of attractive organic and inorganic opportunities and grow the company from a position of strength."
Related share prices |
---|
Kosmos Energy (DI) (KOS) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price