SINGAPORE and PORT MORESBY, Papua New Guinea, April 21, 2016 /PRNewswire/ -- InterOil
Corporation (NYSE: IOC; POMSoX: IOC) announced today that it has
entered into a new US$400 million
senior secured capital expenditure facility arranged by
Australia and New Zealand Banking
Group Limited as sole mandated lead arranger and book runner. Once
the standard conditions precedent are satisfied, the new facility
will refinance and replace the existing US$300 million secured capital expenditure
facility.
The facility is secured at an annual interest rate of LIBOR plus
6%, with maturity extended from the end of 2016 to the end of
2017.
Other supporting lenders include Westpac -PNG- Limited, Bank of
South Pacific Limited, Intesa Sanpaolo SPA, Credit Suisse AG,
Société Générale, Morgan Stanley and UBS AG.
InterOil's Chief Financial Officer Donald Spector said, "We are taking proactive
steps to increase our financial flexibility. The new, increased and
extended credit facility underscores the lenders' confidence in our
Papua New Guinea assets and in
Papua LNG, one of the world's
lowest cost green-field LNG projects."
About InterOil
InterOil Corporation is an independent oil and gas business with
a sole focus on Papua New Guinea.
InterOil's assets include one of Asia's largest undeveloped gas fields,
Elk-Antelope, in the Gulf Province, and exploration licenses
covering about 16,000sqkm. Its main offices are in Singapore and Port
Moresby. InterOil is listed on the New York and Port
Moresby stock exchanges.
Forward Looking Statements
This media release includes "forward-looking statements" as
defined in United States federal
and Canadian securities laws. All statements, other than statements
of historical facts, included in this release that address
activities, events or developments that InterOil expects, believes
or anticipates will or may occur in the future are forward-looking
statements. These statements are based on our current beliefs as
well as assumptions made by, and information currently available to
the company. No assurances can be given however, that these events
will occur. Actual results could differ, and the difference may be
material and adverse to the company and its shareholders. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the company,
which may cause our actual results to differ materially from those
implied or expressed by the forward-looking statements. Some of
these factors include the risk factors discussed in the company's
filings with the United States Securities and Exchange Commission
and on SEDAR, including but not limited to those in the company's
annual report for the year ended December
31, 2015 on Form 40-F and its Annual Information Form for
the year ended December 31, 2015. In
particular, there is no established market for natural gas or gas
condensate in Papua New Guinea and
no guarantee that gas or gas condensate will ultimately be able to
be extracted and sold commercially. All forward-looking statements
are made as of the date of this press release and the fact that
this press release remains available does not constitute a
representation by InterOil that InterOIl believes these
forward-looking statements continue to be true as of any subsequent
date. Actual results may vary materially from the expected results
expressed in forward-looking statements. InterOil disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by applicable securities
laws. InterOil's forward-looking statements are expressly qualified
in their entirety by this cautionary statement.
Investors are urged to consider closely the disclosure in the
company's Form 40-F, available from the company at www.interoil.com
or from the SEC at www.sec.gov and its Annual Information Form
available on SEDAR at www.sedar.com.
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SOURCE InterOil Corporation