HOUSTON, Jan. 27, 2014 /PRNewswire/ -- Endeavour
International Corporation (NYSE: END) (LSE: ENDV) today announced
the closing of a $255 million senior
secured first lien term loan with an interest rate of 8.25% (Libor
+ 700 basis points). The first lien note is a strip facility
consisting of a $125 million Secured
Term Loan and a $130 million LC
Procurement Facility with the same interest cost.
The Company has used the net proceeds from the offering to
refinance its 13% $115 million
Revolving Credit Facility and replace its two reimbursement
agreements ($120 million at 13% and
$33 million at 9%, interest rates
respectively). The lower amount of the LC Procurement Facility is a
direct result of the first confirmed step toward tax relief for
field decommissioning security obligations in the U.K. North Sea. A
further reduction to the outstanding amount of this decommissioning
security is expected soon. The facility contains a standard
covenant package and is due in November
2017. Credit Suisse acted as the company's exclusive
placement agent for the financing facility.
This announcement is neither an offer to sell nor the
solicitation of an offer to buy these securities and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale is unlawful.
Endeavour International Corporation is an international oil
and gas exploration and production company focused on the
acquisition, exploration and development of energy reserves in the
North Sea and United States. For
more information, visit www.endeavourcorp.com.
Certain statements in this news release should be regarded as
"forward-looking" statements within the meaning of the securities
laws. These statements speak only of as of the date made. Such
statements are subject to assumptions, risk and uncertainty. Actual
results or events may vary materially.