Caracal arranges three-year $140 million reserve-based bank facility

By Toni Weeks

San Luis Obispo, Calif., April 7 - Caracal Energy Inc. subsidiary PetroChad Mangara Ltd. negotiated a $140 million reserve-based senior secured facility with a syndicate of lenders led by Natixis and Societe Generale CIB as initial mandated lead arrangers and bookrunners and ING Bank as the mandated lead arranger.

The facility, which matures March 31, 2017, may be increased by an additional $110 million with lender participation.

Proceeds will be used for working capital and the development of the company's assets in the Republic of Chad.

Calgary, Alta.-based Caracal focuses on oil and gas exploration, development and production in the Republic of Chad.

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