Jericho Oil signs $30m RCF with East West Bancorp

Skip to:

Jericho Oil has raised a $30 million two-year senior secured revolving credit from sole arranger East West Bancorp. Signed on 29 July, the initial borrowing base has been set at $10 million. Proceeds are for general corporate purposes, working capital, capex and to support letters of credit.

The loan is priced at WSJ Prime plus 75bp. As the current WSJ Prime rate is 350bp, the loan will be fixed at 425bp for the first six months and then redetermined every six months.

In connection with and subject to the new facility, Jericho has also entered into commodity hedging contracts to strengthen and protect the company's cash flows, while maintaining optimal upside, covering 75% of forecast engineered oil and natural gas volumes for the term of the revolver.

Related analytics

Transaction Name Stage Est. Value
Flintridge Resources/GBP2.15 million/0418 Financial close 3.05
Flintridge Resources/$1.6 million/0418 Financial close 1.60
Peabody Energy/$400 million/0418 Financial close 400.00
Petrobras/$400 million/0418 Financial close 400.00
Range Resources/$3 billion/0418 Financial close 4000.00
No data available
More transactions

Trade Finance on Twitter