Kosmos Energy Limited Reserves Based Lending Facility (9814D)
February 06 2018 - 2:00AM
UK Regulatory
TIDMKOS
RNS Number : 9814D
Kosmos Energy Limited
06 February 2018
KOSMOS ENERGY REFINANCES ITS $1.5 BILLION RESERVES BASED LENDING
FACILITY
DALLAS - February 6, 2018 - Kosmos Energy (NYSE/LSE: KOS)
announced today that it has refinanced its reserves based lending
(RBL) facility. The RBL facility, which previously incorporated
only the company's Ghana assets, now includes the recently acquired
producing assets in Equatorial Guinea as well as allowing the
company the future flexibility to include the Greater Tortue
development post final investment decision. The structure of the
RBL includes an expansion feature which allows the facility size to
be increased up to an additional $500 million in the future, at the
company's election.
In addition to the inclusion of new borrowing base assets,
through the refinancing:
-- The borrowing capacity has been increased to $1.5 billion, up from $1.3 billion
-- Date of maturity has been extended by four years to March 31, 2025
-- Amortization has been extended by four years to March 31, 2022, and
-- Commitment fees have been lowered.
Following the re-financing of the RBL, Kosmos' total available
liquidity increases to approximately $1.3 billion.
Thomas P. Chambers, senior vice president and chief financial
officer, said: "We are pleased to have refinanced our RBL facility,
increasing our borrowing capacity through the incorporation of our
increased reserves and production. The financing, which was
oversubscribed, saw strong appetite from both new and existing
banks."
"With the additional RBL capacity and strong liquidity, Kosmos
maintains its low leverage and very solid financial position.
Proactive management of the company's balance sheet is a key part
of the company's strategy and enables us to take advantage of
attractive organic and inorganic opportunities and grow the company
from a position of strength."
About Kosmos Energy
Kosmos is a leading independent oil and gas exploration and
production company focused on frontier and emerging areas along the
Atlantic Margin. Our assets include existing production and
development projects offshore Ghana and Equatorial Guinea, large
discoveries offshore Mauritania and Senegal, as well as exploration
licenses with significant hydrocarbon potential offshore Suriname,
Sao Tome and Principe, Equatorial Guinea, Morocco and Western
Sahara. As an ethical and transparent company, Kosmos is committed
to doing things the right way. The Company's Business Principles
articulate our commitment to transparency, ethics, human rights,
safety and the environment. Read more about this commitment in the
Kosmos 2016 Corporate Responsibility Report. For additional
information, visit www.kosmosenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that Kosmos
expects, believes or anticipates will or may occur in the future
are forward-looking statements. Kosmos' estimates and
forward-looking statements are mainly based on its current
expectations and estimates of future events and trends, which
affect or may affect its businesses and operations. Although Kosmos
believes that these estimates and forward-looking statements are
based upon reasonable assumptions, they are subject to several
risks and uncertainties and are made in light of information
currently available to Kosmos. When used in this press release, the
words "anticipate," "believe," "intend," "expect," "plan," "will"
or other similar words are intended to identify forward-looking
statements. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of
Kosmos, which may cause actual results to differ materially from
those implied or expressed by the forward-looking statements.
Further information on such assumptions, risks and uncertainties is
available in Kosmos' Securities and Exchange Commission ("SEC")
filings. Kosmos undertakes no obligation and does not intend to
update or correct these forward-looking statements to reflect
events or circumstances occurring after the date of this press
release, except as required by applicable law. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement.
Inside Information
This announcement contains inside information. The person
responsible for arranging the release of this announcement is Jamie
Buckland, Vice President, Investor Relations.
###
CONTACT:
Investor Relations
Jamie Buckland
+1 469-475-2687
jbuckland@kosmosenergy.com
Rhys Williams
+1-214-445-9693
rwilliams@kosmosenergy.com
Media Relations
Thomas Golembeski
+1-214-445-9674
tgolembeski@kosmosenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUGUGPPUPRPUA
(END) Dow Jones Newswires
February 06, 2018 02:00 ET (07:00 GMT)
Kosmos Energy (LSE:KOS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kosmos Energy (LSE:KOS)
Historical Stock Chart
From Apr 2023 to Apr 2024