CALGARY, April 7, 2014 /CNW/ - Caracal Energy Inc. ("Caracal" or the "Company") (LSE:CRCL), through its wholly owned subsidiary PetroChad Mangara
Limited, is pleased to announce that it has signed a US$140 million
Reserve Based Senior Secured Facility (the "Facility") with a syndicate
of lenders led by Natixis and Société Generale Corporate & Investment
Banking as Initial Mandated Lead Arrangers and Bookrunners and ING Bank
as Mandated Lead Arranger. In addition, Caracal has an option to
increase the Facility by up to an additional US$110 million subject to
receipt of further lender commitments. The Facility has a final
maturity date of March 31, 2017.
The Facility is devoted to the development of the Company's assets in
the Republic of Chad ("Chad").
Trevor Peters, Chief Financial Officer for Caracal commented today:
"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."
Sylvain Sarda, Head of Upstream Finance, Oil Independents & Mining, at
"Natixis is proud having closed with Société Generale this major
transaction for Caracal which is also a milestone for Chad oil industry
and the RBL space in Africa. Caracal is a young company with promising
growth potential and we are keen supporting the business further."
Christophe Roux, Head of Reserve Based Finance, EMEA & CIS, at Société
Generale Corporate & Investment Banking, commented:
"Caracal Energy is an important client for Société Generale and we are
delighted to have led (along with Natixis), the inaugural bank
financing for the Company. The Company has an attractive portfolio of
assets, which provides it with significant growth potential, and a very
reputed and experienced management. We look forward to continuing our
support of the Company and its growth strategy."
About Caracal Energy Inc.
Caracal Energy Inc. is an international exploration and development
company focused on oil and gas exploration, development and production
activities in the Republic of Chad, Africa. In 2011, the Company
entered into three production sharing contracts ("PSCs") with the
government of the Republic of Chad. These PSCs provide exclusive
rights, along with its partners, to explore and develop reserves and
resources over a combined area of 26,103 km2 in southern Chad. The PSCs
cover two world-class oil basins with oil discoveries, and numerous
The Company's shares trade on the London Stock Exchange under the symbol
SOURCE: Caracal Energy Inc.
For further information:
Caracal Energy Inc.
Gary Guidry, President and Chief Executive Officer
Trevor Peters, Chief Financial Officer
Longview Communications - Canadian Media Enquiries
Alan Bayless +1 604-694-6035
Joel Shaffer +1 416-649-8006
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