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

Tags: Nighthawk Energy plc