Alaska-focused explorer 88 Energy Ltd (LON:88E, ASX: 88E) told investors that it has completed the refinancing of a loan with Bank of America on ‘substantively similar’ terms to the original agreement.
The debt maturity date moves to December 2022 from June 2018, and the loan has now been assigned to FCS Advisors (doing business as Brevet Capital Advisors).
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"The refinancing of the loan, with an extension to the maturity date, provides a more than comfortable time buffer whilst we await payment of approximately US$21m in cash credits from the State of Alaska,” said Dave Wall, 88 Energy managing director.
“The current legislative session in Alaska is contemplating several solutions that could see the majority of the loan repaid this calendar year; however, detail is unlikely to be known prior to June 30, 2018.
“We would like to thank Bank of America for their support in our endeavours and welcome Brevet Capital Advisors as our funding partner moving forward."