Camac Energy unit obtains $100 million term loan via Zenith Bank

By Toni Weeks

San Luis Obispo, Calif., Sept. 8 – Camac Energy Inc. subsidiary Camac Petroleum Ltd. obtained a five-year senior secured term loan with Zenith Bank plc that provides for initial borrowing capacity of $100 million, according to a press release.

Borrowings will bear interest at Libor plus 750 basis points, subject to a floor of 9½%.

The security package for the term loan facility includes a legal charge over OMLs 120 and 121 as well as proceeds from oil sales.

Term loan proceeds will be used for the further expansion and development of OMLs 120 and 121 offshore Nigeria, including the Oyo field.

The Houston-based independent oil and gas exploration and production company focuses on energy resources in Africa.

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