As well as the committed US$250 million, Ophir claims that an additional US$100 million is available on an uncommitted ‘accordion’ basis. The RBL has a seven-year term, and will mature on 30 June 2024. It is currently undrawn, and replaces the company’s existing RBL, which will mature in December 2019.
The facility has been provided by the following: Australia and New Zealand Banking Group Ltd; BNP Paribas; Commonwealth Bank of Australia; Crédit Agricole; HSBC; Société Générale; and Standard Chartered. Rothschild and Ashurst, meanwhile, advised Ophir, whilst Herbert Smith Freehills advised the banks.
The CFO of Ophir, Tony Rouse, said: “We are pleased to have the continued support from our key relationship banks and to welcome new lenders into the facility. The combination of existing cash, this credit facility and cash flows from operations will provide the capital for Ophir to continue to invest to maximise the cash generation of its production and development portfolio.”