Kosmos Energy refinances RBL facility to increase availability, extend

By Tali Rackner

Minneapolis, Feb. 6 – Kosmos Energy refinanced its reserve-based lending facility to increase the borrowing capacity to $1.5 billion from $1.3 billion and to extend the maturity by four years to March 31, 2025, according to a press release.

The facility includes an up to $500 million expansion feature.

In addition, commitment fees were lowered and amortization was extended by four years to March 31, 2022.

Following the refinancing, the company’s total available liquidity increased to about $1.3 billion.

“The RBL facility, which previously incorporated only the company’s Ghana assets, now includes the recently acquired producing assets in Equatorial Guinea as well as allowing the company the future flexibility to include the Greater Tortue development post final investment decision,” Kosmos said in the release.

Senior vice president and chief financial officer Thomas P. Chambers added in the release, “With the additional RBL capacity and strong liquidity, Kosmos maintains its low leverage and very solid financial position. Proactive management of the company’s balance sheet is a key part of the company’s strategy and enables us to take advantage of attractive organic and inorganic opportunities and grow the company from a position of strength.”

Kosmos is an oil and gas exploration and production company based in Dallas.

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