Kolibri Global Energy unit inks $75 million revolver due 2026

By Rebecca Melvin

Concord, N.H., May 20 – Kolibri Global Energy Inc. subsidiary BNK Petroleum (US) Inc. entered into a $75 million revolving line of credit from BOK Financial, according to a company release.

The initial commitment amount is $20 million. The facility has a four-year term and provides for interest only payments until the maturity date in June 2026.

The facility bears interest at SOFR plus 300 basis points to 400 bps, depending on borrowing base utilization.

Initial proceeds were used to fund repayment of BNK US’ previous facility with BNOK Financial. The company plans to use the facility to continue its 2022 drilling program in the third quarter.

The company currently has $16.2 million drawn on the new facility with a current interest rate of 4.64%, assuming the current SOFR rate.

Based in Newbury Park, Calif. Kolibri is a U.S.-focused energy company with oil properties concentrated in Oklahoma.

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