Kosmos Energy Ltd (LSE:KOS, NYSE:KOS) re-financed its revolving credit facility (RCF) and completed the semi-annual redetermination of its reverse-based lending (RBL) facility, while liquidity strengthened.
Its RCF now has a total capacity of US$250mln and matures at the end of 2024.
The reduced RCF size will offset an increase in the margin, it said, which will lower interest expenses in the future.
In conjunction with the spring re-determination of the RBL, its lending syndicate approved a borrowing base capacity of US$1.25bn with current outstanding borrowings at US$0.9bn.
Meanwhile, its total liquidity rose to US$0.9bn by the end of the first quarter of 2022.
“With strong free cash flow generation, coupled with the recent receipt of pre-emption proceeds, we are making excellent progress in reducing both leverage and absolute debt while growing liquidity," Neal Shah, chief financial officer, said.