Savannah Petroleum
Malcys Blog
Malcy's Blog -2 min read
08:49, 18th October 2019

WTI $53.93 +57c, Brent $59.91 +49c, Diff -$5.98 -8c

Savannah Petroleum FOLLOW

Savannah has announced the signature of a loan facility with an initial tranche of $5m expected to be drawn immediately. The terms  are a fixed interest premium of 7% payable on the principal amount (and a potential future draw if another $5m) to be paid at maturity, 17th January 2020. The principal amount plus interest can be repaid at any point up to maturity and in the event of not paying or the Seven Energy Transaction not proceeding can be converted at the facility providers discretion at a range of prices.

The loan provides liquidity to fund working capital and general corporate purposes ahead of the planned completion of the Seven Energy Transaction which is expected to occur ‘significantly in advance of the maturity date’ when the company expects a cash inflow of $74m.

And finally…

Despite a short blog I cannot fail to mention the RWC where this weekend England play the Wallabies, Ireland take on the All Blacks and Wales play France.

In the footy it also might be a rugby score as Liverpool go to the Theatre of Nightmares…..

And of course it’s the last proper day of flat racing with Champions Day at Ascot.

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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