Cooper announces debt facility adjustments
Sydney-listed Cooper Energy and its lenders have agreed on adjustments to some terms and conditions of its debt facility, subject to finalising documentation, the company said on June 30.
“The adjustments are designed to recognise a proportion of the value of the Sole gas reserves and customer gas sales agreements that now lie beyond the facility’s maturity date given the delays at the Orbost gas processing plant,” Cooper said.
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The adjustments include realignment of principal repayments through to expiry of the transition agreement on May 1, 2022, and re-sculpting of repayments through to maturity. The next quarterly principal repayment is A$7mn ($5.3mn) due on June 30, 2021, which will reduce drawn debt to A$218mn.
The adjustments align the debt facility with a re-based production level of 40 - 45 terajoules/day for the Orbost plant and preserve liquidity to enable continuing advancement of current pre-final investment decision growth projects, Cooper said.
“We appreciate the valuable relationships with our lenders and their continuing support,” managing director David Maxwell said. “The debt facility adjustments acknowledge the value of our Sole gas reserves, the strength of our customer relationships and the future growth opportunities within our existing portfolio.”