InterOil entered into a new $470 million senior secured credit facility. Once the conditions are satisfied, the new facility will refinance and replace an existing $400 million secured capital expenditure facility.
The facility is secured at an annual interest rate of LIBOR plus 6.5% and terminates at the end of 2017. In addition, if InterOil receives the interim resource certification payment prior to the closing of the proposed transaction with ExxonMobil, the amount of such payment must be used to repay amounts outstanding under the facility.
Lenders in the facility include Australia and New Zealand Banking Group Limited (ANZ), Intesa Sanpaolo SPA, Westpac PNG, Bank of South Pacific, Macquarie Bank, Credit Suisse, Morgan Stanley and UBS. The financing was led by ANZ who acted as the structuring and documentation bank.