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InterOil enters new credit facility

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LNG Industry,

InterOil Corp. has announced that it has entered a new US$400 million senior secured CAPEX facility, which has been arranged by Australia and New Zealand Banking Group Ltd as sole mandated lead arranger and book runner. As soon as the standard conditions precedent have been satisfied, the existing US$300 million secured CAPEX facility will be refinanced and replaced by the new facility.

In the statement, InterOil said: “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.”

Westpac -PNG- Ltd, Bank of South Pacific Ltd, Intesa Sanpaolo SPA, Credit Suisse AG, Société Générale, Morgan Stanley and UBS AG are the other supporting lenders.

Donald Spector, the CFO of InterOil, 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."

Edited from press release by David Rowlands

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