Fortune Oil announced the signing of a USS300 million loan agreement by Fortune Oil PRC Holdings Limited, the company’s principal intermediate holding company in Hong Kong.
The facility is denominated in USS with a term of three years and a margin of 2.75% over LIBOR. The facility is guaranteed by Fortune Oil and secured by share charges over its various investment holdings subsidiaries.
Morgan Stanley Asia Limited is the Global Coordinator and Facility Agent Bank. A total of 18 international and regional banks participated in the transaction and the facility was materially over-subscribed.
The facility structure is similar to the company’s US$180 million three year loan facility signed in April 2011. This new facility will be used to repay the existing syndicated loan, provide the company with working capital, and finance new investment.
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LNG World News Staff, October 18, 2013; Image: Fortune Oil