{"id":14738,"date":"2025-03-06T13:52:06","date_gmt":"2025-03-06T13:52:06","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=14738"},"modified":"2025-03-10T14:03:22","modified_gmt":"2025-03-10T14:03:22","slug":"vaalco-energy-enters-into-new-300-million-revolving-credit-facility","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/vaalco-energy-enters-into-new-300-million-revolving-credit-facility\/","title":{"rendered":"VAALCO Energy Enters Into New $300 Million Revolving Credit Facility"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">VAALCO Energy has announced that it has entered into a new revolving credit facility with an initial commitment of $190 million and the ability to grow to $300 million, led by The Standard Bank of South Africa Limited, Isle of Man Branch with other participating banks and financial partners. This new facility, which is subject to customary administrative conditional precedents, replaces the Company\u2019s existing undrawn revolving credit facility that was provided by Glencore Energy UK Ltd. The Company arranged the new facility primarily to provide short-term funding that may be needed from time-to-time to supplement its internally generated cash flow and cash balance as it executes its planned investment programs across its diversified asset base over the next few years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Key terms include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Six-year term with facility amortization to begin on September 30, 2026;<\/li>\n\n\n\n<li>Initial commitment of $190 million with the ability to grow to $300 million through a $110 million accordion;<\/li>\n\n\n\n<li>Amounts drawn bear interest of 6.5% plus SOFR until the C\u00f4te d\u2019Ivoire Floating Production Storage and Offloading vessel (&#8220;FPSO&#8221;) Dry Dock Refurbishment Project is completed;<\/li>\n\n\n\n<li>Interest rate will decrease to 6.0% plus SOFR once the FPSO project is completed;<\/li>\n\n\n\n<li>Undrawn available amounts incur a fee of 35% of margin per annum and undrawn unavailable amounts incur a fee of 20% of margin per annum, with semi-annual borrowing base redeterminations; and<\/li>\n\n\n\n<li>Secured with Vaalco\u2019s Gabon, Egypt and C\u00f4te d\u2019Ivoire assets.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cClosing this new credit facility will supplement our internally generated cash flow and cash balance to assist in funding our robust organic growth projects,\u201d said George Maxwell, Vaalco\u2019s Chief Executive Officer. \u201cWith $190 million in initial commitment and the ability to grow to $300 million, this facility enables us to fund any short-term capital funding needs that may occur as we execute the significant growth projects across our assets over the next couple of years. We appreciate the support shown by our lending group which we believe affirms the strength of our diverse asset base. We are excited about the major projects that we have planned which are expected to deliver a step-change in organic growth across our portfolio.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company entered into the new facility with The Standard Bank of South Africa Limited, Isle of Man Branch as the lead bank on the facility. Other participants include Rand Merchant Bank, The Mauritius Commercial Bank Limited and Glencore Energy UK Ltd.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>VAALCO Energy has announced that it has entered into a new revolving credit facility with an initial commitment of $190 million and the ability to grow to $300 million, led &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/vaalco-energy-enters-into-new-300-million-revolving-credit-facility\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":14739,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,11],"tags":[10645,709,918,944,8731],"class_list":["post-14738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-top-news","tag-cote-divoire-2","tag-egypt","tag-fpso","tag-gabon","tag-vaalco-energy","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/03\/VAALCO.png?fit=1570%2C962&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3PI","jetpack-related-posts":[{"id":12266,"url":"https:\/\/www.oilnewskenya.com\/index.php\/vaalco-energy-receives-new-five-year-50-million-reserve-based-lending-facility\/","url_meta":{"origin":14738,"position":0},"title":"VAALCO Energy Receives New Five Year, $50 Million Reserve Based Lending Facility","author":"","date":"May 18, 2022","format":false,"excerpt":"VAALCO Energy has announced entry into a new credit agreement, effective May 16, 2022, for a new five-year Reserve Based Lending facility with Glencore Energy UK Ltd.\u00a0 that includes an initial commitment of $50 million and is expandable up to $100 million. Highlights Significantly improves financial flexibility providing optionality to\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/04\/GABON-ETAME.jpg?fit=376%2C485&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":12692,"url":"https:\/\/www.oilnewskenya.com\/index.php\/equatorial-guinea-vaalco-energy-announces-approval-of-plan-of-development-for-discovery-on-block-p\/","url_meta":{"origin":14738,"position":1},"title":"EQUATORIAL GUINEA: VAALCO Energy Announces Approval of Plan of Development for Discovery on Block P","author":"","date":"September 26, 2022","format":false,"excerpt":"VAALCO Energy has announced that the Government of Equatorial Guinea has approved the Venus - Block P Plan of Development. VAALCO has an 80% participation interest in the project and is the operator. Upon the execution of final documents, VAALCO will proceed directly to project execution which targets first oil\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/04\/GABON-ETAME.jpg?fit=376%2C485&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11941,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-vaalco-energy-provides-update-on-etame-field-reconfiguration-and-fso-deployment\/","url_meta":{"origin":14738,"position":2},"title":"GABON: VAALCO Energy Provides Update on Etame Field Reconfiguration and FSO Deployment","author":"","date":"March 1, 2022","format":false,"excerpt":"VAALCO Energy has provided an update on the Etame field reconfiguration in conjunction with the replacement of the existing Floating Production, Storage and Offloading unit (FPSO) with a Floating Storage and Offloading vessel (FSO) offshore Gabon. VAALCO anticipates that all of the associated engineering, long-lead equipment and significant contracts are\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/GABON-ETAME.jpg?fit=376%2C485&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":12735,"url":"https:\/\/www.oilnewskenya.com\/index.php\/vaalco-energy-announced-the-closing-of-the-strategic-combination-with-transglobe-energy-corporation\/","url_meta":{"origin":14738,"position":3},"title":"VAALCO Energy Announced the Closing of the Strategic Combination with TransGlobe Energy Corporation","author":"","date":"October 16, 2022","format":false,"excerpt":"The combined Company is a leading African-focused operator with a strong production and reserve base, a diverse portfolio of assets in\u00a0Gabon,\u00a0Egypt,\u00a0Equatorial Guinea\u00a0and Canada, and significant future growth potential. KEY HIGHLIGHTS \u00b7\u00a0\u00a0\u00a0\u00a0Enhanced stockholder returns with increased dividend, announced share buyback and potential for special distributions;\u00a0 o\u00a0Targeted annualized dividend of\u00a0US$0.25\u00a0per share, or\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/TransGlobe.jpg?fit=946%2C580&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/TransGlobe.jpg?fit=946%2C580&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/TransGlobe.jpg?fit=946%2C580&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/TransGlobe.jpg?fit=946%2C580&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":10812,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-vaalco-announces-binding-loi-for-fso-at-etame\/","url_meta":{"origin":14738,"position":4},"title":"GABON: VAALCO Announces Binding LoI for FSO at Etame","author":"","date":"August 26, 2021","format":false,"excerpt":"VAALCO Energy has signed a binding letter of intent with World Carrier Offshore Services Corp.\u00a0 to provide and operate a Floating Storage and Offloading (FSO) unit at VAALCO\u2019s Etame Marin field offshore Gabon for up to eight years with additional option periods available upon the expiration of the current Floating\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/GABON-ETAME.jpg?fit=376%2C485&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":9240,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-vaalco-announces-new-3-d-seismic-survey-over-entire-etame-marin-block\/","url_meta":{"origin":14738,"position":5},"title":"GABON: VAALCO Announces New 3-D Seismic Survey Over Entire Etame Marin Block","author":"","date":"October 3, 2020","format":false,"excerpt":"VAALCO Energy has announced that in connection with planning for future drilling programs at the Etame Marin block offshore Gabon, it will begin acquiring and processing new three-dimensional (3-D) seismic data in the fourth quarter of 2020. Committed to acquiring new proprietary 3-D dual-azimuth seismic data over the entire Etame\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/10\/GABON-ETAME.jpg?fit=376%2C485&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=14738"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14738\/revisions"}],"predecessor-version":[{"id":14740,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14738\/revisions\/14740"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/14739"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=14738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=14738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=14738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}