Successful $30m Debt Refinancing

RNS Number : 8658D

Capital Drilling Limited

03 February 2015

 



For Immediate Release

03 February 2015

Capital Drilling Limited

("Capital Drilling" or the "Company")

Successful $30m Debt Refinancing

Capital Drilling Limited (CAPD:LN), the emerging and developing markets focused drilling company, today announces that it has successfully refinanced its senior bank facilities for a further three years, in addition to securing a new overdraft facility, supporting the Group's medium term funding requirements.

The new debt facility, which matures in January 2018, is with Standard Bank South Africa, a leading lending institution in the African banking market.

The facility will provide funding to refinance all outstanding amounts under the Company's existing $17m term loan facility and $30m revolving credit facility. Capital Drilling's focus on cash flow generation and its strategy of deleveraging has resulted in surplus headroom which has been cancelled as part of the refinancing to further reduce finance charges.

Capital Drilling's Chief Financial Officer, Uno Makotsvana, said:

"Capital Drilling's refinancing and extension of the senior bank facility was strongly supported by our existing banking relationship. As a result of the refinance we have reduced the previous $47m facility to $30m, extended the maturity profile and provided increased flexibility and ease of facility administration.

Our conservative approach to debt, as well as the strength of our credit standing, was recognised by our lenders and reflected in their strong support for the refinancing."

For further information please access Capital Drilling's website www.capdrill.com or contact:

Capital Drilling Limited                                                                               [phone]

Jamie Boyton, Executive Chairman                      

Uno Makotsvana, CFO

Liberum Capital Limited                                                                            [phone]

Clayton Bush                                                   

Richard Bootle

Buchanan                                                                                                      [phone]

Bobby Morse                                                    

Gabriella Clinkard

About Capital Drilling

Capital Drilling provides specialised drilling services to mineral exploration and mining companies in emerging and developing markets, for exploration, development and production stage projects. The Company currently owns and operates a fleet of 96 drilling rigs with established operations in Chile, Egypt, Ghana, Mauritania, Tanzania and Zambia. The Group's corporate headquarters is in Singapore and it has its administrative offices for South America in Santiago.

 

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