Vaalco enters into $50 million five-year reserve-based lending facility

Chicago, May 18 – Vaalco Energy, Inc. entered into a new $50 million five-year reserve-based lending facility, according to an announcement.

The facility was signed with Glencore Energy UK Ltd.

There is a $50 million accordion which could lift the facility up to $100 million.

Interest is at Libor plus 600 basis points.

Security is in the form of Etame assets.

Key terms and covenants include that Vaalco maintain EBITDAX of less than 3x and a minimum cash balance of $10 million.

Vaalco Energy is a Houston-based independent energy company.

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