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Kosmos Energy Ltd - AMENDMENT AND RESTATEMENT OF CORPORATE RCF

08/03/18 06:00 GMT
RNS Number : 6878W
Kosmos Energy Limited
03 August 2018
 

NEWS RELEASE                                                                          

 

 

KOSMOS ENERGY ANNOUNCES AMENDMENT AND RESTATEMENT OF CORPORATE REVOLVING CREDIT FACILITY

 

DALLAS, Texas, August 3, 2018 - Kosmos Energy (NYSE/LSE: KOS) announced today an amendment and restatement of its corporate revolving credit facility. Three significant objectives were achieved:

 

·     Borrowing capacity remains at $400 million

·     Date of maturity has been extended by approximately three and one-half years to May 31, 2022, and

·     Facility costs have been lowered from LIBOR plus a six percent margin to LIBOR plus a five percent margin

 

"The amendment and extension to our corporate revolving credit facility enhances our already strong liquidity position. The improvement in terms reflects the growth and quality of our production base and the continued long-term support we have received from our banks is an affirmation of our strong relationships and track-record for financial prudence," said Thomas P. Chambers, senior vice president and chief financial officer.

 

About Kosmos Energy

Kosmos is a well-capitalized, pure play deepwater oil and gas company with growing production, a pipeline of development opportunities and a balanced exploration portfolio along the Atlantic Margins. Our assets include growing production offshore Ghana and Equatorial Guinea, a competitively positioned Tortue gas project in Mauritania and Senegal and a sustainable exploration program balanced between proven basins (Equatorial Guinea), emerging basins (Mauritania, Senegal and Suriname) and frontier basins (Cote d'Ivoire and Sao Tome and Principe). As an ethical and transparent company, Kosmos is committed to doing things the right way. The company's Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos 2017 Corporate Responsibility Report. For additional information, visit www.kosmosenergy.com.

 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos' estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words "anticipate," "believe," "intend," "expect," "plan," "will" or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos' Securities and Exchange Commission ("SEC") filings.  Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

 

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CONTACT:

 

Investor Relations

Jamie Buckland

+44 (0) 203 954 2831

jbuckland@kosmosenergy.com

 

Rhys Williams

+1-214-445-9693

rwilliams@kosmosenergy.com

 

Media Relations

Thomas Golembeski

+1-214-445-9674

tgolembeski@kosmosenergy.com

 

 


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