The facility has been supported by a number of local and international banks and is designed to support the future development and growth of the company.
"I am delighted with the outcome of the syndication, the increased support from the new syndicate and the flexibility to increase the facility commitment should it be required," said Michael Royle, chief financial officer of Novus.
Dr Bob Williams, managing director of Novus, added that all of the banks have a good understanding of the oil and gas industry, and are aligned with the future growth strategies of Novus.
Prior to arranging this syndicated Credit Facility, Novus' debt facilities consisted of US Bonds for $US80 million issued in 1997 and due for final repayment in 2007; and a syndicated facility with current drawings of $US6 million, due for repayment by 2 August 2003.
Since the beginning of 2003, Novus' debt drawn under the old facility has declined by $US11 million to only $6 million. The new Credit Facility will initially be used to refinance this outstanding amount and the balance of the facility will be available to fund ongoing corporate requirements including future developments and new opportunities.
