Bengal Energy Ltd. (BNG.TO) closed its US$25 million secured credit facility with Westpac Institutional Bank, the company said Oct. 24.
The facility will fund the redemption of Bengal’s 10% outstanding unsecured nonconvertible redeemable notes, priced at $7.5 million. They will be redeemed Nov. 24, the company added.
The facility is secured, for three years, by the producing assets in the Cuisiner Field in Australia’s Cooper Basin. An initial draw on the facility—scheduled to occur before Oct. 31—will finance the second phase of the field’s drilling program. Before the draw, Bengal will hedge about 280,000 barrels of oil “over the term of the loan,” the company said.
Calgary, Alberta-based Bengal Energy Ltd. develops and produces oil and gas in Australia and India.
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