Oil Search said it has refinanced its two existing US$125 million loans provided by Australia and New Zealand Banking Group Limited (ANZ) and Commonwealth Bank of Australia (CBA).
The company with a 29 percent stake in the ExxonMobil-operated PNG LNG project said in a statement on Friday that the renewed facilities have a three-year term and expire in December 2018.
Peter Botten, Oil Search’s Managing Director , said, “the refinancing is part of Oil Search’s ongoing active capital management programme, to ensure sufficient liquidity is maintained to fund our equity share of the development costs of our priority growth projects.”
With the extension of the two loans totaling US$250 million and Oil Search’s US$500 million non-amortising revolving credit facility, due to expire in October 2017, the company has total undrawn corporate facilities of US$750 million.
LNG World News Staff