Cobalt International gets commitment for $150 million secured loan

By Tali Rackner

Norfolk, Va., Feb. 23 – Cobalt International Energy, Inc. received a commitment from Societe Generale and certain of its affiliates for a limited recourse $150 million senior secured reserve-based loan facility on Feb. 19, according to a 10-K filing with the Securities and Exchange Commission.

The loan will be used to fund the majority of its share of the remaining Heidelberg field development costs.

The company anticipates that the facility will be further syndicated.

Houston-based Cobalt is an independent oil exploration and development company.

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