Circle Oil announces signing of senior debt facility with IFC (Scandinavian Oil-Gas Magazine)

Circle Oil announces signing of senior debt facility with IFC

Published Mar 17, 2014

Circle Oil Plc has signed a reserve based lending facility (the "Facility") of up to US$100 million with IFC, a member of the World Bank Group.

The Facility matures in June 2018 and is secured against the Company's producing assets in Egypt and Morocco. IFC, subject to conditions precedent usual for a facility of this nature, will hold US$50 million of the Facility and syndicate the remainder to a group of international and regional banks. Syndication is ongoing and will close after signing.

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