Peninsula Petroleum secures additional $100m banking lines

Peninsula Petroleum (PPG) has completed new banking facilities in Europe and Asia securing an additional $100m of working capital.

PPG completed a new syndicated facility led by HSBC Singapore, one of the group’s long standing financiers. The transaction creates $50 million of new liquidity and delivers an overall enhanced diversified financing package for the group of $150m in Asia. The facility includes $75m of two-year committed funding and sees the addition of United Overseas Bank as a new participating lender.

The completion of the HSBC Singapore facility coincides with BNP Paribas joining PPG’s European club facility with a $50m participation, bringing total global working capital facilities for the group to $400m.

Peninsula Petroleum’s CEO, John Bassadone said: “The continued support received from our existing financing partners in Europe and Asia, together with the interest and appetite shown by a large selection of new banks in joining our latest facilities, is a positive endorsement of our unique business model and conservative strategy. We are pleased to have BNP Paribas join our European club and welcome United Overseas Bank to our first syndicate in Asia.”

For more information visit www.peninsulapetroleum.com

4th Dec 2017