SENEX SECURES "ATTRACTIVE" DEBT FACILITY
Written on the 20 April 2015
SENEX Energy Limited (ASX:SXY) has unearthed some financial flexibility after securing an $80 million debt facility.
The three year unsecured facility with Westpac Banking Corporation will strengthen Senex's liquidity profile.
The oil and gas explorer established the agreement following a "competitive process" and says this has led to attractive terms and pricing.
Senex managing director Ian Davies (pictured) says the multi-currency facility will be used for general corporate purposes.
"The implementation of this facility, combined with our material cash position and recently implemented hedging program, ensures that Senex has significant available liquidity and a strong financial positon leading into FY16," Davies says.
"The facility has been provided on attractive terms, reflecting the underlying strength of the Senex business and its future growth prospects."
Davies says the company will continue to manage its balance sheet conservatively and has no obligations to draw down on the facility.
He says the facility contains appropriate and non-restrictive covenants.