Kosmos - Strengthens liquidity position with closing of $200M Gulf of Mexico facility
Kosmos Energy has closed a Gulf of Mexico facility with Beal Bank USA and Trafigura Trading LLC (“Trafigura”).Kosmos has restructured its previously announced Gulf of Mexico prepayment facility into a five-year $200 million term-loan facility secured against the Company’s U.S. Gulf of Mexico assets. The $50 million advanced under the prepayment agreement with Trafigura announced in June has been rolled into the new facility, structured by CSG Investments, Inc., with the remaining $150 million provided by Beal Bank. The facility, which has an interest rate of approximately 6%, increases the company’s borrowing capacity by $50 million from the initial prepayment agreement, extends the tenor to five years and includes an accordion feature allowing the facility to be expanded up to $300 million.