Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/financial/money/nighthawk-energy-completes-agreement-with-cba-for-.shtmlNighthawk Energy completes agreement with CBA for US$100 million RBL facility
Nighthawk Energy has completed the agreement with Commonwealth Bank of Australia (CBA) for the US$100 million Reserve Based Lending (RBL)
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Nighthawk Energy has completed the agreement with Commonwealth Bank of Australia (CBA) for the US$100 million Reserve Based Lending (RBL) facility announced last month.
Key Features of the RBL
◾ US$100 million Senior Secured Revolving RBL facility with an initial borrowing base of US$35 million ◾ Four year maturity with potential for extension by agreement ◾ Regular redeterminations based upon Nighthawk's petroleum reserves - first redetermination in late fourth quarter 2014 ◾ Interest rates at a competitive premium to US Libor rates enabling Nighthawk to reduce substantially its borrowing costs ◾ The Company will be required to implement a hedging strategy and hedge a proportion of its forward production ◾ Restructuring and reduction of current debt
