Jura Energy Corporation has closed two financing facilities totalling Pakistan Rupees (PKR) 400 million (equivalent to US$ 3.89 million at the exchange rate on November 7, 2014) (the Facilities) by Spud Energy Pty Limited, a wholly-owned subsidiary of Jura.
The Facilities have been extended by JS Bank Limited, a related party, and comprise (1) a PKR 200 million Term Finance facility carrying interest at the rate of 3-month Karachi Inter Bank Offered Rate (KIBOR) plus 2%, maturing two years from the date of disbursement; and (2) a PKR 200 million Running Finance facility carrying interest at the rate of 3-month KIBOR plus 2%, maturing one year from the date of disbursement.
The interest on Facilities is payable quarterly in arrears. The principal of the Term Finance facility is repayable in eight equal quarterly installments, commencing three months after the date of disbursement. Disbursements are expected to occur in the next two weeks.