Gasol plc Signing of US$76 million debt facility (4356X)
11 January 2014 - 4:00AM
UK Regulatory
TIDMGAS
RNS Number : 4356X
Gasol plc
10 January 2014
10 January 2014
Gasol plc ("Gasol" or the "Company")
Signing of US$76 million debt facility with Deutsche Bank
The board of Gasol is pleased to announce that the Company has
entered into a US$76 million debt facility (the "Facility") with
Deutsche Bank to partly fund its proposed acquisition of 100% of
the issued share capital of Energie de Côte d'Ivoire S.A.
("Enerci") (the "Acquisition") from GDF SUEZ E&P International
S.A. (the "Seller"). The Acquisition was announced by Gasol on 20
December, 2013 and Gasol's shares were suspended with effect from
23 December, 2013 as by virtue of Enerci's size relative to the
Company's, the Acquisition constitutes a reverse takeover under the
AIM Rules for Companies.
The Facility has a final maturity of 13 months from satisfaction
of all conditions precedent under the Facility. The interest rate
under the Facility during the term is LIBOR plus between 4 and 9
per cent.
Entry into the US$76m debt facility with Deutsche Bank triggers
the payment by Gasol to the Seller of a deposit of US$2m (the
"Deposit") under the Acquisition Agreement with the Seller, which
will form part of the consideration payable at completion. The
Deposit is repayable by the Seller to the Company in certain
circumstances.
The Acquisition constitutes a reverse takeover under the AIM
Rules for Companies and, accordingly, is conditional upon the
publication of an admission document by the Company and the
approval of the Company's shareholders at general meeting.
Completion of the Acquisition is also conditional upon, inter
alia:
-- approval of the Acquisition by the government of Côte d'Ivoire; and
-- waiver of their pre-emption rights by Enerci's venture partners.
For completion of the Acquisition to take place, all conditions
under the SPA need to be satisfied by six months from today or such
later date as the Company and the Seller may agree.
Gasol plc
Alan Buxton, Chief Operating Officer +44 (0) 20 7290 3300
Panmure Gordon (UK) Limited (Nomad and Broker)
Dominic Morley (Corporate Finance)
Callum Stewart (Corporate Finance)
Adam Pollock (Corporate Broking) +44 (0) 20 7886 2500
BMO Capital Markets (Exclusive Financial Advisor)
Vicary Gibbs +44 (0) 20 7236 1010
Tom Rider
Deutsche Bank Communications
Michael Lermer +971 (0) 44283860
Yellow Jersey PR Limited
Dominic Barretto
Kelsey Traynor +44 (0) 7768 537 739
About Gasol plc
Gasol plc is an AIM listed energy development company focusing
on gas constrained nations. Power stations in West Africa currently
operate predominantly on liquid fuels such as diesel, light crude
and jet fuel, but many of these plants are also capable of using
gas. Gasol will initially supply these customers with gas from
regasified Liquefied Natural Gas ("LNG"), which can provide
significant cost savings in the order of 20 to 30 per cent. This
involves the delivery of LNG to leased Floating Storage and
Regasification Facilities which will be positioned in Cotonou
harbour, Benin and will supply the regasified LNG into the West
African Gas Pipeline. The West African Gas Pipeline is a 678km gas
pipeline involving an investment of over US$1 billion, built to
transport gas from Nigeria to Benin, Togo and Ghana which has been
operational since March 2011, but today operates at significantly
less than full capacity . Once there is sufficient regional demand
for gas, Gasol aims to develop captive gas reserves in offshore
Nigeria and will supply this gas through the West African Gas
Pipeline. This pipeline gas will be cheaper and therefore displace
the LNG derived gas, resulting in further savings for
customers.
As part of a consortium called Electrogas Malta, Gasol has also
been awarded a LNG-to-power project by Malta's state power utility
Enemalta, as the country aims to lower its energy costs. Electrogas
Malta is a consortium made up of Gasol, SOCAR Trading SA, GEM
Holdings Ltd and Siemens Project Ventures, the equity financial arm
of Siemens Financial Services.
Gasol's shares have been listed on London Stock Exchange's AIM
since 2005 with the ticker code "GAS". Further information on the
Company is available at www.gasolplc.com.
BMO Capital Markets Limited ("BMO Capital Markets"), which is
authorised and regulated by the Financial Conduct Authority, is
acting exclusively for Gasol and no-one else in connection with the
Acquisition. BMO Capital Markets will not regard any other person
as its client in relation to the Acquisition and will not be
responsible to anyone other than Gasol for providing the
protections afforded to its clients, nor for providing advice in
relation to the Acquisition, the contents of this announcement or
any transaction, arrangement or other matter referred to
herein.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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