Guaranty Trust Ups Mart Resources Term Loan to $175MM
Mart Resources announced that it, through its wholly owned Nigerian subsidiary, arranged to increase its existing secured term loan credit facility with Guaranty Trust Bank from $100 million to $175 million.
The increased facility is available to fund field development activities on the Umusadege field, fund Mart’s ongoing working capital requirements on the Umugini pipeline and provide funds for potential future Nigerian oil and gas opportunities.
The secured loan facility has a term of five years and bears interest at 90 days LIBOR plus 4% (floor of 8.25%), which is unchanged from the terms of the company’s prior facility with Guaranty Trust Bank.
Wade Cherwayko, chairman & CEO of Mart Resources, stated, “The increase in the facility with Guaranty Trust Bank provides Mart with greater financial flexibility to evaluate and participate in new opportunities in the Nigerian oil and gas sector.”