Stockholm, 29 June 2018
Under a so-called Reserves-Based Lending ("RBL") Facility Svenska can borrow up to US$120 million over a period of five years. Mandated Lead Arranger is Standard Bank of South Africa that also i providing the main part of the committed funds together with the African Finance Corporation, a multi-lateral development finance institution focused on Sub-Saharan Africa. The funds will be used to re-finance Svenska's current RBL and shareholder debt, to fund further infill drilling in the Baobab field as other corporate purposes.
"Svenska is very pleased to have entered into the new RBL with Standard bank and AFC. It's a sign of quality that we believe is positive for our activities to have two banks truly committed to oil and gas in West Africa", says Lars Schennings CFO Svenska.