InterOil Secures $300 Mln Credit Facility - Quick Facts

(RTTNews) - InterOil Corp. (IOC) has finalised a $300 million syndicated, senior secured capital expenditure facility through a consortium of banks led by Credit Suisse AG.

The facility was supported by InterOil's existing banks, Credit Suisse, Commonwealth Bank of Australia, Westpac Bank, Australia and New Zealand Banking Group, Bank of South Pacific, BNP Paribas, UBS AG, Macquarie Capital Group, and new banks, The Bank of Tokyo-Mitsubishi UFJ and Societe Generale.

It has an annual interest rate of LIBOR plus 5 percent and matures at the end of 2015. It will fund InterOil's key capital and operating expenditure for exploration and appraisal in the Eastern Papuan Basin of Papua New Guinea.

The facility replaces InterOil's existing $250 million facility with Credit Suisse that was scheduled for repayment by June 30.

InterOil expects to repay the facility at maturity using variable resource payments that Total SA is obliged to make on certification of Elk-Antelope reserves, as part of Total's purchase of an interest in Petroleum Retention Lease 15.