Singapore-based InterOil Corp. (NYSE: IOC) entered a new US$470 million senior secured credit facility, the company said Feb. 7.
It will refinance and replace the US$400 million secured capex facility. The new facility is secured at an annual interest rate of Libor plus 6.5% and terminates at the end of 2017.
The lenders include Australia and New Zealand Banking Group Ltd., Intesa Sanpaolo SPA, Westpac PNG Ltd., Bank of South Pacific Ltd., Macquarie Bank Ltd., Credit Suisse AG, Morgan Stanley and UBS AG. ANZ, which led the financing, was the structuring and documentation bank.
The company said that if the interim resource certification payment is received before the proposed transaction with ExxonMobil Corp. (NYSE: XOM) closes, the payment will be used to repay outstanding amounts under the facility.
InterOil Corp. operates in Papua New Guinea.
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