Capital Drilling Ltd (LON:CAPD) has sealed a new debt refinancing, extending the prior facility by three years.
The new arrangement, with Standard Bank South Africa, is said to have “broadly similar” commercial terms as the previous facility – it bears interest at 5.75% above LIBOR – and it will mature in December 2020.
Additionally, Capital Drilling announced that it has promoted André Koekemoer as the company’s new chief financial officer, replacing incumbent Dewald van Tonder.
Koekemoer has been with the company since 2009 and his most recent role was deputy CFO – he was also previously financial manager, operations commercial manager (latam), and group financial controller.
In a statement, the company said it continues to maintain a strong, net cash balance sheet.
Jamie Boyton, Capital Drilling chairman, in a statement, said: "I would like to take this opportunity to thank Dewald for his contributions to the company and wish him well for the future.
“I would also like to welcome André as CFO. Having been with Capital Drilling since 2009, I look forward to working with him in this new role."