SINGAPORE and PORT MORESBY, Papua New Guinea, April 21, 2016 /PRNewswire/ -- InterOil Corporation (NYSE: IOC; POMSoX: IOC) announced today that it has entered into a new US$400 million senior secured capital expenditure facility arranged by Australia and New Zealand Banking Group Limited as sole mandated lead arranger and book runner. Once the standard conditions precedent are satisfied, the new facility will refinance and replace the existing US$300 million secured capital expenditure facility.
The facility is secured at an annual interest rate of LIBOR plus 6%, with maturity extended from the end of 2016 to the end of 2017.
Other supporting lenders include Westpac -PNG- Limited, Bank of South Pacific Limited, Intesa Sanpaolo SPA, Credit Suisse AG, Société Générale, Morgan Stanley and UBS AG.
InterOil's Chief Financial Officer Donald Spector said, "We are taking proactive steps to increase our financial flexibility. The new, increased and extended credit facility underscores the lenders' confidence in our Papua New Guinea assets and in Papua LNG, one of the world's lowest cost green-field LNG projects."
InterOil Corporation is an independent oil and gas business with a sole focus on Papua New Guinea. InterOil's assets include one of Asia's largest undeveloped gas fields, Elk-Antelope, in the Gulf Province, and exploration licenses covering about 16,000sqkm. Its main offices are in Singapore and Port Moresby. InterOil is listed on the New York and Port Moresby stock exchanges.
Forward Looking Statements
This media release includes "forward-looking statements" as defined in United States federal and Canadian securities laws. All statements, other than statements of historical facts, included in this release that address activities, events or developments that InterOil expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on our current beliefs as well as assumptions made by, and information currently available to the company. No assurances can be given however, that these events will occur. Actual results could differ, and the difference may be material and adverse to the company and its shareholders. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements. Some of these factors include the risk factors discussed in the company's filings with the United States Securities and Exchange Commission and on SEDAR, including but not limited to those in the company's annual report for the year ended December 31, 2015 on Form 40-F and its Annual Information Form for the year ended December 31, 2015. In particular, there is no established market for natural gas or gas condensate in Papua New Guinea and no guarantee that gas or gas condensate will ultimately be able to be extracted and sold commercially. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by InterOil that InterOIl believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. InterOil disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws. InterOil's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
Investors are urged to consider closely the disclosure in the company's Form 40-F, available from the company at www.interoil.com or from the SEC at www.sec.gov and its Annual Information Form available on SEDAR at www.sedar.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/interoil-secures-us400-million-credit-facility-300255354.html
SOURCE InterOil Corporation