Mart Resources arranges $100 million five-year term loan via Guaranty

By Toni Weeks

San Luis Obispo, Calif., March 26 - Mart Resources, Inc. arranged a $100 million secured term loan facility with Guaranty Trust Bank plc, according to a press release.

The facility, arranged through the company's wholly owned Nigerian subsidiary, has a term of five years and bears interest at Libor plus 400 basis points with a floor of 8.25%.

Proceeds will be used to fund field development activities on the Umusadege field and working capital.

The London-based company acquires and develops oil and gas assets in the Niger Delta of Nigeria.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.