OilVoice - Providence Secures New Financing Facility With BNP Paribas

Providence Secures New Financing Facility With BNP Paribas

Wednesday, September 30, 2009

Providence Resources P.l.c., the AIM and IEX listed exploration and production company, has arranged a US $100 million senior secured reducing borrowing base facility with BNP Paribas. Under the terms of the facility, US $65 million of the facility is immediately available for drawdown, the proceeds of which will be used to repay the drawn portion ($56 million) of the Macquarie Facility and to provide general working capital. The facility has a term maturity of September 2014 and is priced in accordance with other borrowing base facilities in the market. The $250m Macquarie Facility will be cancelled in conjunction with the completion of this new financing facility with BNP Paribas.

Commenting on the new facility, Tony O’Reilly, CEO of Providence Resources said:
“We are delighted to have arranged this new facility with BNP Paribas who are leaders in resource financing. We look forward to working with them in the development of our portfolio.”

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