FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Credit Suisse Agents Endeavour International $255MM First Lien Term Loan

January 27, 2014, 07:31 AM
Filed Under: Energy
Related: Credit Suisse

Endeavour International Corporation announced the closing of a $255 million senior secured first lien term loan with an interest rate of 8.25% (Libor + 700 basis points). The first lien note is a strip facility consisting of a $125 million Secured Term Loan and a $130 million LC Procurement Facility with the same interest cost.

The Company has used the net proceeds from the offering to refinance its 13% $115 million Revolving Credit Facility and replace its two reimbursement agreements ($120 million at 13% and $33 million at 9%, interest rates respectively). The lower amount of the LC Procurement Facility is a direct result of the first confirmed step toward tax relief for field decommissioning security obligations in the U.K. North Sea. A further reduction to the outstanding amount of this decommissioning security is expected soon. The facility contains a standard covenant package and is due in November 2017.

Credit Suisse acted as the company's exclusive placement agent for the financing facility.

Endeavour International Corporation is an international oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and United States.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.