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PetroLatina gets up to $75 million senior secured credit facility
By Sara Rosenberg
New York, March 9 - PetroLatina closed on an up to $75 million four-year senior secured credit facility, according to a news release.
Macquarie Bank is the lead bank on the deal.
Pricing on the facility ranges from Libor plus 750 basis points to 900 bps based on the underlying independently confirmed value of the company's proved oil and gas reserves.
There is also a 175 bps commitment fee.
An initial $25 million tranche A was made available for drawdown on Monday.
Proceeds from the tranche A will be used to help fund the accelerated development and enhancement of the company's oil and gas assets in Colombia.
The remaining $50 million will be available in a tranche B and a tranche C, at Macquarie's discretion, and will be used for further pre-agreed development work, potential future approved acquisitions and general corporate purposes.
In connection with the drawdown of tranche A, the company has allotted warrants to Macquarie to subscribe for 8 million new ordinary shares of $0.10 each at an exercise price of 75.7 pence per share. The company has also agreed to allot additional warrants in the event of drawdowns under tranches B and/or C.
PetroLatina is a London-based oil and gas exploration, development and production company focused on Latin America.
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