KOS - Why did Kosmos Energy jump today? Bank refinancing boosts liquidity

Kosmos Energy (KOS +10.0%) rallied Friday to its highest level in three and a half years after refinancing its revolving credit facility and completing the semi-annual re-determination of its reverse-based lending facility. Kosmos said it re-financed its RCF with a total capacity of $250M while extending the maturity to the end of 2024, which it said will result in slightly lower interest expenses going forward. The company's lenders approved a $1.25B borrowing base capacity with current outstanding borrowings of $900M. Total liquidity at the end of Q1 rose to $900M, including the impact of the reduced RCF size. Kosmos shares have been moving steadily higher over the past six weeks since reporting better than expected Q4 earnings and generating strong free cash flow. Tullow Oil recently said it would exercise pre-emption rights related to the sale of Occidental's assets in Ghana, which combined with a separate deal with PetroSA are

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Why did Kosmos Energy jump today? Bank refinancing boosts liquidity