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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Lekoil Limited | LSE:LEK | London | Ordinary Share | KYG5462G1073 | ORD USD0.00005 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.95 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMLEK
RNS Number : 3807S
Lekoil Limited
11 March 2019
11 March 2019
LEKOIL Limited
("LEKOIL" or the "Company")
Redenomination of Naira Debt Facilities Completed
LEKOIL (AIM: LEK), the oil and gas exploration, development and production company with a focus on Africa, is pleased to announce the following debt facilities update.
In 2018, as announced, the Company agreed in principle to refinance a portion of and redenominate its outstanding Naira debt facilities, totaling approximately 3.08 billion Naira, into United States Dollars (USD). These facilities included the approximate 2.25 billion Naira facility (principal) from FBNQuest Merchant Bank ("FBNQ MB") and the 827 million Naira facility (principal and accrued interest) from Sterling Bank plc ("Sterling"). Interest per annum on these facilities were 6% + NIBOR and 26%, respectively.
Documentation for this has now been completed and the Company now has access to a new USD facility of $8.55 million with FBNQ MB, which will be utilised to refinance the outstanding 3.08 billion Naira facility with FBNQ MB. The original Sterling facility has been rolled into this new facility with FBNQ MB, and closed.
The FBNQ MB facility is priced at LIBOR + 10%. There is a six-month principal repayment moratorium with equal, quarterly principal repayments thereafter. As part of the transaction, the tenor on LEKOIL's facilities with FBNQ MB (including the existing USD facility, amounting to US$5 million) will be extended to 30 June 2021 from 30 June 2019.
The partial refinancing and redenomination allows the Company to mitigate its exposure to local currency and interest rate volatility risks while lowering its cost of capital.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
For further information, please visit www.lekoil.com or contact:
LEKOIL Limited Alfred Castaneda, Investor Relations Lisa Mitchell, Chief Financial Officer +44 20 7920 3150 Strand Hanson Limited (Financial & Nominated Adviser) James Harris / James Spinney / Ritchie Balmer +44 20 7409 3494 Mirabaud Securities Limited (Joint Broker) +44 20 7878 3362 / +44 20 Peter Krens / Edward Haig-Thomas 7878 3447 BMO Capital Markets (Joint Broker) Jeremy Low / Thomas Rider +44 20 7236 1010 Numis Securities (Joint Broker) John Prior / Ben Stoop +44 20 7260 1000 Tavistock (Financial PR) Simon Hudson / Nick Elwes / Barney Hayward +44 20 7920 3150
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This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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(END) Dow Jones Newswires
March 11, 2019 03:00 ET (07:00 GMT)
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