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Sterling Resources enters into £105 million loan agreement
By Sara Rosenberg
New York, July 19 - Sterling Resources Ltd. signed an agreement for a £105 million 61/2-year senior secured loan, according to a news release.
Societe Generale Corporate & Investment Banking acted as the bookruner and a co-lead arranger with BNP-Paribas and Commonwealth Bank of Australia. BNP is the facility agent.
The facility consists of a main tranche of £95 million and a cost-overrun tranche of £10 million.
The loan is for the phase 1 development by its wholly owned subsidiary, Sterling Resources (UK) Ltd., of the Breagh gas field in the U.K. Southern North Sea.
The facility also has a step-up amount of up to £50 million for the phase 2 development on an uncommitted basis.
Sterling Resources is a Calgary, Alta.-based oil and gas company.
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