FX Energy Inc. (NASDAQ: FXEN) has finalized a new five-year, up-to-€90 million senior reserve based lending facility.
The initial commitment of the facility is €55 million. FX Energy can seek additional commitments up to €90 million through the new lending facility via an embedded accordion mechanism. The initial borrowing base is €45.1 million, which is approximately equivalent to $50 million outstanding at June 30. The new agreement replaces the $100 million facility that was put in place in July 2013.
FX Energy is an independent oil and gas exploration and production company with production in the US and Poland. The company's main exploration and production activity is focused on Poland's Permian Basin, where the gas-bearing Rotliegend sandstone is a direct analog to the Southern Gas Basin offshore England.
BNP Paribas (Suisse) SA acted as coordinating mandated lead arranger. ING Bank NV acted as mandated lead arranger.