Ithaca Energy has this morning announced an amendment to its $1.8billion senior reserve-based lending (RBL) facility, extending the final maturity date and improving pricing terms.
Once effective, the amended RBL provides for, among other things, an extension of the final maturity date to December 31 2032, improved pricing terms and updates to the accordion mechanic to permit an increase in the total commitments of up to $1billion across the loan and letter of credit facilities.
The amendment, the group says, will strengthen its liquidity profile and provide additional financial flexibility to support the continued execution of its strategy.
Iain C.S. Lewis, CFO of Ithaca Energy, commented: "We are delighted to announce we have agreed an amendment and restatement of our RBL facility.
"The support received from our global banking syndicate reflects the strength of Ithaca Energy's asset base, cash flow generation and long-term strategy.
"The improved pricing and extended maturity profile lowers our cost of capital, enhances our financial flexibility and positions the group well to continue delivering value for shareholders through disciplined investment and strategic growth."
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