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Kosmos Energy expands reserves-based loan facility

"We are pleased to have refinanced our RBL facility, increasing our borrowing capacity through the incorporation of our increased reserves and production,” said Thomas Chambers, Kosmos chief financial officer

oil and gas operations
The facility is increased to US$1.5bn, giving Kosmos US$1.3bn of total liquidity

Kosmos Energy Ltd (LON:KOS, NYSE:KOS) has announced a refinancing of its reserves-based lending facility, increasing the borrowing capacity to US$1.5bn and extending maturity.

The facility leveraging the group’s assets offshore Ghana now also includes recently acquired producing fields in Equatorial Guinea.

READ: Credit Suisse starts coverage on Kosmos Energy with a ‘neutral’ rating and a 700p price target

Borrowing capacity increased from US$1.3bn though Kosmos has the option to extend further, by another US$500mln up to US$2bn. The debt facility will run for an additional four years, with maturity moving out to March 31.

Kosmos noted that it now has around US$1.3bn of total available liquidity.

"We are pleased to have refinanced our RBL facility, increasing our borrowing capacity through the incorporation of our increased reserves and production,” said Thomas Chambers, Kosmos chief financial officer.

READ: Kosmos Energy reveals Hippocampe-1 disappointment offshore Mauritania

“The financing, which was oversubscribed, saw strong appetite from both new and existing banks."

"With the additional RBL capacity and strong liquidity, Kosmos maintains its low leverage and very solid financial position.”

He added: “Proactive management of the company's balance sheet is a key part of the company's strategy and enables us to take advantage of attractive organic and inorganic opportunities and grow the company from a position of strength."

Quick facts: Kosmos Energy Ltd

Price: 202 GBX

LSE:KOS
Market: LSE
Market Cap: £819.02 m
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