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Victoria Oil & Gas gets backing of its Cameroon-based lender

"The restructuring of the BGFI debt facility is a substantial vote of support from our banker and a strong endorsement of our business in Cameroon," said Andrew Diamond, VOG finance director
oil and gas operations
It provides a new five-year term, with one 'interest only' year

Victoria Oil & Gas plc (LON:VOG) has revealed a refinancing of its debt with BGFIBank Cameroon.

The company, which has had to suspended gas shipment to a key customer, initially entered into a US$26mln debt facility back in April 2016 and it said the balance stood at around US$20.5mln at the time of the refinancing.

READ: VOG on hunt for long-term contracts after reserves upgrade

Under the new terms, the debt will have a new five-year term with an initial 12-month interest only period.

The interest rate is to remain on the same terms - the Cameroon Bank Base rate (9%) less 1.85%, which presently equates to 7.15% - and the security terms are maintained from the original facility, additionally no further financial covenants were imposed in the refinancing.

"The restructuring of the BGFI debt facility is a substantial vote of support from our banker and a strong endorsement of our business in Cameroon," said Andrew Diamond, VOG finance director.

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