Exillon Energy plc, an independent oil producer with assets in two oil-rich regions of northern Russia, Timan-Pechora (“Exillon TP”) and West Siberia (“Exillon WS”), is pleased to announce the signing of a new term loan by its wholly owned subsidiary Exillon Finance Limited (“Exillon Finance”) with Credit Suisse on 3rd February 2012.
The US$100,000,000 loan replaces the existing US$50,000,000 loan from the same lender. The loan bears an interest rate margin above LIBOR which is lower than the previous facility, and has a final maturity of 5 years.
The net proceeds will be used to finance drilling and infrastructure related projects in Exillon WS and Exillon TP, and to enhance the company’s flexibility to develop its recent acquisitions.
Exillon Energy and its subsidiaries will guarantee the obligations of Exillon Finance under the agreement.