UAE: Lamprell Releases Update on Debt Facilities
Lamprell, a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, announced that, further to its announcement on 19 July 2013, the Group has satisfied the conditions for utilisation on its new banking facilities and that Lamprell has now drawn down on these facilities.
The agreement remains subject to certain conditions subsequent which Lamprell anticipates being satisfied in the next few weeks.
The new US$181 million facility arrangement is comprised of a US$100 million term loan (‘Facility A’), a US$60 million term loan (‘Facility B’) and a US$21 million revolving credit facility (‘RCF’). All are scheduled to mature in June 2016 although Facility A amortises over the loan period and Facility B is subject to a one-year optional extension.
The new facility will replace the Group’s existing funded facilities and will sit alongside the continuing bilateral unfunded facilities, which are used for the issue of bonds and guarantees.
Press release, August 1, 2013; Image: lamprell