Santos restructures debt
PERTH (miningweekly.com) – Oil and gas major Santos has executed a new $750-million syndicated bank loan facility to refinance its existing $750-million debt facility used for the acquisition of ConocoPhillips’s northern Australian and Timor-Leste assets, which was completed earlier this year.
Santos on Thursday said that the facility was some three times oversubscribed, receiving strong support from a mix of existing and new relationship banks.
The new facility will mature in January 2026, and would extend Santos’ weighted average term to maturity of its drawn facilities to nearly five years.
MD and CEO Kevin Gallagher told shareholders that the new debt facility was consistent with the company’s strategy of securing competitively priced long-term funding.
“This is an excellent result for Santos, showing strong support from bank lenders and demonstrating our balance sheet is set up to support our growth strategy.:
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