Victory Park Facilities
Sydney, Nov 25, 2013 AEST (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) (BCGYF:OTCMKTS) ("Buccaneer" or "the Company") currently has two debt facilities in place with Chicago based Victory Park Capital Advisors, LLC ("Victory Park") as follows:
- US$75.0 million Term Loan. This facility is currently drawn to US$44.0 million and is backed by the Proved Developed Producing (PDP) Reserves at its Kenai Loop project which currently have a PV10 value of approximately US$60.0 million;
- US$25.0 million ACES Revolver. This facility is currently drawn to US$6.4 million and is back by approximately US$26.0 million in rebates due to be paid to the Company over the next 12-15 months by the state of Alaska. If the Company draws from this facility for rebates due to the Company for any project other that Kenai Loop then additional costs are charged for those draws.
Victory Park has offered to extend the drawing capacity on the above Term Loan from the existing US$44.0 million. In addition Victory Park has offered to waive the additional costs associated with drawing on the US$25.0 million ACES Revolver for non Kenai Loop related rebates.
The Company is negotiating with Victory Park various changes to the existing facilities. Prior to making the above offer to the Company, Victory Park issued a Letter of Reservation of Rights as a result of the existence of various technical and other financial events of default by Buccaneer group subsidiaries being parties to the facility.
At this point in time there is no impact on the Company, further releases will be made when the Company is in a position to do so.
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
| ||
|
