Fortune Oil PRC Holdings gets new $80 million three-year term loan

By Sara Rosenberg

New York, April 15 - Fortune Oil PRC Holdings Ltd. closed on a new $80 million three-year U.S. dollar and Hong Kong dollar term loan, according to a news release.

Standard Chartered Bank acted as the facility coordinator and agent bank on the deal that was oversubscribed. A total of 11 international and regional banks participated in the transaction.

Pricing on the term loan is Libor or Hibor plus 270 basis points.

Proceeds are being used to refinance the $25 million outstanding under the company's previous loan facility, which matures on April 26, and for general working capital requirements.

Fortune Oil PRC Holdings is the principal intermediate holding company in Hong Kong of Fortune Oil plc, an oil and gas company.

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