Providence Secures New Financing Facility with BNP Paribas
(Thomson Reuters ONE) - PROVIDENCE SECURES NEW FINANCING FACILITY WITH BNP PARIBAS * US$ 100,000,000 Senior Secured Reducing Borrowing Base FacilityProvidence Resources P.l.c. ('Providence'), the AIM and IEX listedexploration and production company, is pleased to announce that ithas arranged a US $100 million senior secured reducing borrowing basefacility with BNP Paribas. Under the terms of the facility, US $65million of the facility is immediately available for drawdown, theproceeds of which will be used to repay the drawn portion ($56million) of the Macquarie Facility and to provide general workingcapital. The facility has a term maturity of September 2014 and ispriced in accordance with other borrowing base facilities in themarket. The $250m Macquarie Facility will be cancelled in conjunctionwith the completion of this new financing facility with BNP Paribas.Commenting on the new facility, Tony O'Reilly, CEO of ProvidenceResources said:"We are delighted to have arranged this new facility with BNP Paribaswho are leaders in resource financing. We look forward to workingwith them in the development of our portfolio."Contacts:Providence Resources P.l.c. Tel: +353(0)1 219 4074Tony O'Reilly, Chief ExecutivePowerscourtTel: +44 (0)207 250 1446Rory Godson/Elizabeth RousMurray ConsultantsTel: +353 (0)1 498 0300Pauline McAlesterCenkos SecuritiesPlcTel: +44 (0)207 397 8900Joe Nally/Nick WellsDavyTel: + 353 (0)1 679 6363Eugenee Mulhern/ Stephen BarryNOTES TO EDITORSAbout ProvidenceProvidence Resources P.l.c. is an independent oil and gas explorationcompany listed on the AIM market inLondon and on Dublin's IEX market. The Company was founded in 1997,but with roots going back to 1981 when its predecessor company,Atlantic Resources Plc was formed by a group of investors led by SirAnthony O'Reilly. Providence's active oil and gas portfolio includesinterests in Ireland (offshore), the United Kingdom (onshore), theUnited States (onshore and offshore) and West Africa (offshoreNigeria). Providence's portfolio is balanced between production,appraisal and exploration assets, as well as being diversifiedgeographically. Comprehensive information on Providence and its oiland gas portfolio, including all press releases, annual reports andinterim reports are available from Providence's website atwww.providenceresources.com.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.09.2009 - 08:05 Uhr
Sprache: Deutsch
News-ID 6337
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