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Kosmos Energy (NYSE/LSE: KOS) ("Kosmos" or the "Company") announced today that it has successfully re-financed its reserve-based lending ("RBL") facility extending the maturity by approximately three years, with the RBL facility's final maturity now in December 2029.
In conjunction with the spring re-determination, the total RBL facility size has been increased to $1.35 billion (from $1.25 billion) with current commitments of approximately $1.2 billion. Discussions with additional potential lenders are ongoing and are expected to increase commitments later this year towards the RBL facility size. $800 million is currently drawn against the RBL facility with the first amortization payment scheduled for April 1, 2027.
The RBL facility is secured against the Company's production assets in Ghana and Equatorial Guinea with the Company's assets in the US Gulf of Mexico and Mauritania & Senegal remaining unencumbered. The resulting borrowing base following the spring re-determination significantly exceeds the RBL facility size. The interest margin payable on the RBL increased slightly compared to the previous facility, reflecting the current banking market environment, with the new interest margin on the RBL facility commencing at 400 basis points above the Secured Overnight Financing Rate ("SOFR") for the first two years.
As part of the RBL facility re-financing, the Company has downsized its revolving credit facility ("RCF") from $250 million to approximately $165 million with some banks transferring their commitments from the RCF to the RBL in anticipation of the RCF maturing at the end of 2024.
Posted In: KOS
