Standard Chartered Provides Samudra Energy with US$35.5m Debt Facility
Standard Chartered Bank has signed an agreement with Samudra Energy, a privately-held Indonesian oil and gas company, to provide a four-year revolving US$35.5m debt facility. Samudra Energy will use the proceeds of the loan to re-finance a previous debt facility and to fund the development of the company’s portfolio of upstream oil and gas assets in Indonesia.
The loan is structured as a borrowing base facility, referenced to independently certified oil and gas reserves held by Samudra Energy during the life of the loan. In addition, the loan was arranged in accordance with the Equator Principles, a financial industry standard for the promotion of responsible environmental stewardship and socially responsible development.
“We are delighted to have signed this agreement with Standard Chartered. The structure of the facility allows us to focus on our core business, and leverage the value of our reserve base both though development of our current portfolio and the addition of new oil and gas assets.” said Adriansyah Chaniago, chief financial officer (CFO) of Samudra Energy.