Petroleum Africa
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Monday, March 3, 2014
Mart Resources, Inc., through its wholly-owned Nigerian subsidiary, arranged to increase its existing secured term loan credit facility with Guaranty Trust Bank PLC from $100 million to $175 million.
The secured loan facility has a term of five years and bears interest at 90 days LIBOR plus 4% (floor of 8.25%), which is unchanged from the terms of the company’s prior facility with Guaranty Trust Bank PLC.
The increased facility will be used to fund further field development activities on the Umusadege field and to fund the company’s portion of ongoing working capital requirements on the Umugini pipeline. The company said that the funds would also be used for potential future Nigerian oil and gas opportunities.
Wade Cherwayko, chairman & CEO of Mart Resources stated: “The increase in the facility with Guaranty Trust Bank PLC provides Mart with greater financial flexibility to evaluate and participate in new opportunities in the Nigerian oil and gas sector.”
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