KOS - Kosmos Energy strengthens liquidity position with closing of $200M Gulf of Mexico facility

Kosmos Energy (KOS) has closed a Gulf of Mexico facility with Beal Bank USA and Trafigura Trading LLC. The company has restructured its previously announced Gulf of Mexico prepayment facility into a five-year $200M term-loan facility secured against its U.S. Gulf of Mexico assets.The $50M advanced under the prepayment agreement with Trafigura has been rolled into the new facility, structured by CSG Investments, with the remaining $150M provided by Beal Bank.The facility, which has an interest rate of ~6%, increases the company’s borrowing capacity by $50M, extends the tenor to five years and includes an accordion feature allowing the facility to be expanded up to $300M. “The closing and syndication of the Gulf of Mexico facility enhances the company’s strong liquidity position with access to low-cost, flexible financing,” said Neal Shah, CFO. As of September 30, the Company has ~$650M of liquidity.

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Kosmos Energy strengthens liquidity position with closing of $200M Gulf of Mexico facility