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Serica Energy signs new $525 million six-year reserves-based facility
By Wendy Van Sickle
Columbus, Ohio, Dec. 18 – Serica Energy plc signed a $525 million six-year reserves-based lending facility, replacing the company’s existing RBL and junior facilities, according to a news release.
The existing facility has $271 million drawn, which will be fully repaid upon completion of the new facility, which is expected to occur in January.
The new revolver is available in multiple currencies and has a maturity date of Dec. 31, 2029, versus June 30, 2027 for the existing facility.
The new facility has amortization that will begin on Dec. 30, 2026. An uncommitted accordion provides for up to double in size to a potential maximum of $1.05 billion.
There is a $100 million sublimit for letters of credit.
Interest is initially SOFR plus a margin of 390 basis points. The margin on the existing facility is 310 bps.
DNB is the facility agent. Bookrunner mandated lead arrangers and lead arrangers include DNB, ING Bank NV and Nedbank CIB. Mandated lead arranger is Natixis, London Branch. ICBC Standard Bank plc is the lead arranger.
Based in Godalming, England, Serica is an oil and natural gas exploration company.
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