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Endeavour International closes $440 million senior secured first lien term loan


Published Oct 2, 2014
Endeavour International Corporation-2

Endeavour International Corporation has closed a $440 million senior secured term loan (the "Credit Agreement") with an annual interest rate of LIBOR plus 10% (with a LIBOR floor of 1%), that matures on January 2, 2017.

The proceeds of the financing were used to repay the balance outstanding under the Company's existing credit agreement, dated as of January 24, 2014, to repay in full certain monetary production payments issued by the Company's wholly-owned subsidiary, Endeavour Energy UK Limited (EEUK), to repay all reimbursement obligations outstanding with respect to the Company's existing LC Procurement Agreement, dated as of January 24, 2014, to provide cash collateral under the terms of a new LC Issuance Agreement entered into by certain subsidiaries of the Company (pursuant to which Credit Suisse AG has agreed to issue letters of credit for EEUK's account to secure decommissioning obligations in connection with certain of its United Kingdom Continental Shelf Petroleum Production Licenses), for payment of related expenses and to provide additional liquidity to the Company.

Tags: Endeavour International Corporation




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