Santos amends $1.2bn debt facilities
Australian energy company Santos on August 30 announced it had amended and extended its two syndicated bank loan facilities totalling $1.25bn.
The facilities comprise a $250mn fully-revolving loan maturing in August 2025 and a $1bn fully-revolving loan maturing in February 2028. The loans bear a floating interest rate over the secured overnight funding rate with a margin that references Santos' external credit rating, currently 1.3%/year for the 3-year facility and 1.5%/year for the 5.5-year facility.
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Santos said the facilities received strong support and proceeds will be used initially to refinance existing drawn bank loans maturing in 2024 and 2026 and thereafter for general corporate purposes.
Following refinancing of the existing facilities, Santos will have no significant debt maturities until 2027, excluding PNG LNG project finance which is serviced directly from project cash flows, the company said.