Oil Search secures $300m in revolving credit

According to Mining News Pro -The company has entered into three separate $100-million bilateral revolving credit facilities with three major banks, Commonwealth Bank of Australia, Mizuho Bank and Sumitomo Mitsui Banking Corporation.

The new facilities each have a five-year term and will expire at the end of 2023, and will replace two $125-million bilateral facilities that are due to expire at the end of December this year.

Oil Search on Tuesday told shareholders that the company now had access to some $900-million of committed revolving credit facilities, with $600-million expiring in June 2022, and $300-million in December 2023.

MD Peter Botton told shareholders that with more than $1.4-billion in cash and committed facilities at the end of September, this year, and with excellent cash generation from the company’s low cost operations, Oil Search had the financial flexibility to support its growth opportunities in both Alaska and Papua New Guinea.