Phoenix Global Secures Increased Loan Of USD185 Million From Mercuria

LONDON (Alliance News) - Phoenix Global Resources PLC said Thursday it has secured a USD25 ...

Alliance News 6 December, 2018 | 1:57PM
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LONDON (Alliance News) - Phoenix Global Resources PLC said Thursday it has secured a USD25 million increase to the existing USD160 million convertible revolving credit facility with Mercuria Energy Netherlands BV, part of the Mercuria Group.

The new USD185 million loan will provide immediate funds for supporting the company's business plans and bears interest at a rate of 4% over three-month LIBOR with a maturity date of December 31, 2021, the oil and gas company said.

Phoenix Global remains in talks with Mercuria regarding the funding of its 2019 business plan.

Shares in the company were down 3.8% at 16.12 pence each on Thursday afternoon.

By Tapan Panchal; tapanpanchal@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Phoenix Global Resources PLC 18.00 GBX 11.80 -
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