Caracal Energy secures debt financing

7th Apr 2014 08:14

Caracal Energy has secured 140m dollars in debt financing to develop the company's assets in the Republic of Chad. The group has signed a reserve based senior secured facility with a syndicate of lenders led by Natixis and Societe Generale Corporate & Investment Banking.Caracal has an option to increase the facility by up to $110m, subject to recipe of further lender commitments. Chief Financial Officer Trevor Peters, said: "We are very pleased to have successfully completed these arrangements which will augment our working capital position over the next two years and in conjunction with our early operating cash flows this will provide a solid foundation for funding the expansion of our development projects in Chad. "The support we received from the lending banks demonstrates the underlying confidence in our producing assets as well as the business environment in Chad."RD