|By PR Newswire||
|January 27, 2014 02:00 AM EST||
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.
SOURCE Endeavour International Corporation
Dec. 9, 2016 02:15 AM EST Reads: 6,221
Dec. 9, 2016 02:00 AM EST Reads: 3,006
Dec. 9, 2016 01:45 AM EST Reads: 976
Dec. 9, 2016 01:45 AM EST Reads: 1,951
Dec. 9, 2016 01:15 AM EST Reads: 3,973
Dec. 9, 2016 01:15 AM EST Reads: 1,654
Dec. 9, 2016 12:45 AM EST Reads: 5,113
Dec. 9, 2016 12:45 AM EST Reads: 1,204
Dec. 9, 2016 12:30 AM EST Reads: 883
Dec. 9, 2016 12:00 AM EST Reads: 705
Dec. 9, 2016 12:00 AM EST Reads: 1,175
Dec. 8, 2016 09:45 PM EST Reads: 1,242
Dec. 8, 2016 09:15 PM EST Reads: 1,672
Dec. 8, 2016 09:15 PM EST Reads: 967
Dec. 8, 2016 08:30 PM EST Reads: 1,895