Fortune Oil obtains $300 million loan agreement with three-year term

By Jennifer Chiou

New York, Oct. 18 - Fortune Oil plc announced that Fortune Oil PRC Holdings Ltd., its principal intermediate holding company in Hong Kong, signed a $300 million three-year loan agreement with Morgan Stanley Asia Ltd. as global coordinator and facility agent.

Borrowings bear interest at Libor plus 275 basis points.

According to a filing with the London Stock Exchange, a total of 18 international and regional banks participated in the oversubscribed facility.

Proceeds will go towards repayment of the company's existing $180 million loan and for working capital.

Fortune Oil is an oil and gas company based in London with operational headquarters in Hong Kong.

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