Kosmos Energy secures $67m IFC loan to fund Jubilee projects

Jubilee partner Kosmos Energy, through its Kosmos Energy Finance International (KEFI), has secured an International Finance Corporation (IFC) senior loan facility of $67 million to finance activities at Ghana’s Jubilee oilfields.

In a filing titled “Form 8-K” and dated February 17, 2012 to the US Securities and Exchange, the Blackstone-Warburg Pincus backed company disclosed that the IFC has agreed to make available to KEFI, a “secured senior term loan facility in an aggregate amount equal to $67,000,000”.

“…and subject to the terms of the Facility Agreement; however, by June 30, 2012, such amount shall be increased to an amount not to exceed $100,000,000 by obtaining additional commitments from IFC, or through transfers from the lenders that are party to the Facility Agreement,” Kosmos said.

Proceeds from the IFC Facility Agreement, it said “will be used, among other things, to support the Jubilee Field development, appraisal of additional discoveries and ongoing exploration activities in Ghana.”

Kosmos Energy started seeking for the loan from the IFC, the World Bank’s private arm, in December 2011.

By Ekow Quandzie

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