Bank of South Pacific has entered into a five year term loan facility with InterOil valued at 100 million US Dollar.
Borrowings under the facility will be used by InterOil to repay outstanding amounts under the term loan granted by Overseas Private Investment Corporation and general corporate purposes.
The loan is secured by InterOil's right, title and interest in the fixed assets of the Napa Napa Refinery in Papua New Guinea.
CEO Ian Clyne says the bank is working with InterOil on a number of initiatives to build strategic partnership, including the opening of a BSP Rural branch in Kerema to support the next phase of InterOil's LNG project.
BSP will be acting in the role as Co-Lead Arranger along with BNP Paribas Singapore Branch and ANZ.
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