Horizon Oil (ASX:HZN) said it has now reached financial close on the amended facility with Macquarie Bank and expects tranch A and tranch B1 of the facility, totalling about $21.5 million, to be drawn shortly, according to a Tuesday Australian bourse filing.
The proceeds will be used to support the forthcoming completion of the Thailand acquisition, disclosed in March.
Tranch A increases the available debt for the Mereenie project from about AU$40 million to up to AU$50 million, while Tranch B1 provides up to an additional $15 million to help fund the acquisition, backed by income from Horizon's interest in Block 22/12 in China.
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