Mart Resources lifts five-year term loan via Guaranty to $175 million

By Susanna Moon

Chicago, Feb. 27 - Mart Resources, Inc. said it upsized its five-year secured term loan facility with Guaranty Trust Bank plc to $175 million.

The company arranged the $75 million increase through its wholly owned Nigerian subsidiary, according to a press release.

Proceeds will be used to fund field development activities on the Umusadege field, fund Mart's ongoing working capital requirements on the Umugini pipeline and to provide funds for potential future Nigerian oil and gas opportunities.

"The increase in the facility with Guaranty Trust Bank plc provides Mart with greater financial flexibility to evaluate and participate in new opportunities in the Nigerian oil and gas sector," Wade Cherwayko, chairman and chief executive officer of Mart Resources, said in the press release.

Mart arranged the $100 million term loan with interest at Libor plus 400 basis points with a floor of 8.25%, as previously reported March 26, 2013.

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

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