KOS - Kosmos Energy gains on successful RCF re-financing and RBL re-determination

Kosmos Energy (NYSE:KOS) has successfully re-financed its revolving credit facility (RCF) and completed the semi-annual re-determination of its reserve-based lending (RBL) facility. The company has re-financed its RCF with a total capacity of $250M while extending the maturity to the end of 2024. The reduction in size of facility will offset an increase in the margin, resulting in slightly lower interest expenses going forward. The company’s lending syndicate approved a borrowing base capacity of $1.25B with current outstanding borrowings of $0.9B. Total commitments as of April 1, 2022 were $1.25B. The RBL facility is secured against the production assets in Ghana and Equatorial Guinea with the first amortization payment scheduled for March 2024. These financing activities and strong free cash flow in 1Q22 has further strengthened liquidity to approximately $0.9B. Shares up 4% premarket.

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Kosmos Energy gains on successful RCF re-financing and RBL re-determination