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FX Energy gets $65 million initial commitment under five-year facility
By Susanna Moon
Chicago, July 15 - FX Energy, Inc. said it finalized a five-year senior reserve-based lending facility with BNP Paribas as the coordinating mandated lead arranger with an initial commitment of $65 million.
FX Energy may seek additional commitments up to $100 million through the new lending facility using the accordion.
ING Bank, present in FX Energy's previous syndicated financing, acted as the mandated lead arranger, according to a company press release.
"This new relationship with FX Energy is key to us and shows the importance for the bank to support oil and gas independent companies globally, and more specifically in the CEE and Turkey region where we have built up a solid franchise," Xavier Venereau, global head of structured debt oil and gas at BNP Paribas, said in the press release.
"BNPP is very pleased to have successfully coordinated and closed this financing which will allow FX to support its growth in Poland, a country where it already ranks as the largest independent gas producer," Venereau said.
Added Clay Newton, FX Energy's vice president of finance, "The increased credit availability assures FX Energy of being able to fund its largest capital budget to date. The accordion feature in the new credit facility, together with higher production revenues as the Lisewo and Komorze wells start producing, should allow us to expand operations swiftly in response to a successful outcome in any of our exploration and appraisal projects this year."
FX Energy is an independent oil and gas exploration and production company based in Salt Lake City with production in the United States and Poland.
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