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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.