Underwriting Support
March 21 2003 - 2:00AM
UK Regulatory
RNS Number:0144J
GTL Resources PLC
21 March 2003
21 March 2003
GTL Resources PLC
GTL receives underwriting support from National Australia Bank and completes
project's senior debt requirements
GTL Resources plc is pleased to announce that National Australia Bank has
advised that, subject to the finalisation of due diligence and documentation, it
has obtained internal approvals to underwrite a portion of the US$290m senior
debt necessary to assist financing the construction of the company's Western
Australian methanol plant.
The senior debt finance for the project is now agreed, as is the layer of
mezzanine debt finance from Trust Company of the West of US$30m. GTL has for
some time been developing a variety of approaches to the provision of project
equity and is confident that it will be available as required.
Mr Michael Fox, Deputy Chairman, stated "We have reached a significant milestone
in the development of the project and can confirm that documentation and due
diligence are near completion."
- Ends -
For further information:
GTL Resources PLC
Peter Middleton, Chairman 020 7493 3393
Buchanan Communications
Tim Thompson / Fergus Mellon 020 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
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