Gulf Oil and Gas accountACCOUNT

Bumi Armada Refinances Corporate Debt

Source: www.gulfoilandgas.com 4/24/2019, Location: Asia

Malaysia-based international offshore energy facilities and services provider Bumi Armada has announced the signing of documentation related to its corporate debt refinancing.

The Group has refinanced its unsecured term loans of USD380 million (approx. RM1,569million) and revolving credit facilities of USD280 million (approx. RM1,156million) into a single facility ('Facility Agreement') consisting of Tranche 1 facility of USD260 million (approx. RM1,074million), and Tranche 2 facility of USD400 million (approx. RM1,651million). The Loans will be repayable overtwo and five years respectively, from the closing date of the Facility Agreement.

The closing of the Facility Agreement is subject to the satisfaction of certain conditions precedent which are procedural in nature.

Commenting on the refinancing, Mr. Leon Harland, Executive Director and Chief Executive Officer of Bumi Armada said: 'The refinancing of the short-term corporate debt alleviates one of the Group’s main current exposures. The new facility better aligns the corporate debt profile with the cash flow profile of the Group’s main FPO business. The Group must now focus on maximising its revenue while continuing to manage its operational costs, as well as to find additional value via asset monetisation or other structural improvements.

As part of this, the OMS assets together with certain FPO vessels which are idle will be disposed of assuming commercially acceptable sale terms can be obtained. Surplus funds from operations and part of the proceeds from certain strategic initiatives including monetisation of assets and new project financing will be used to repay the Loans.'

Financials and Investment News in Malaysia >>

Saudi Arabia >>  9/15/2019 - Oil prices could spike when markets open Monday as Saudi Arabia scrambles to repair damage to its energy infrastructure inflicted. About 5.7 million b...
Saudi Arabia >>  9/14/2019 - Saudi Aramco emergency crews contained fires at its plants in Abqaiq and Khurais, as a result of terrorist attacks with projectiles. These attacks res...

United States >>  9/11/2019 - Pemex announced today a series of measures intended to improve its financial condition. This operation considers a capital contribution from the Feder...
Mozambique >>  8/22/2019 - The board of directors of the Export-Import Bank of the United States (EXIM) voted to notify the U.S. Congress, pursuant to the EXIM charter, of its c...

United States >>  8/20/2019 - Mosman Oil and Gas Limited (MSMN) the oil exploration, development and production company, advises an update on the Champion Project. Currently Mosma...
Azerbaijan >>  1/29/2019 - SOCAR contributed AZN 1.65 billion to the State Budget for 2018. Compared with the previous year’s figures, the company's budget payments grew by AZN ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Malaysia Oil & Gas 1 >>  2 | 3 | 4 | 5 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.