(NASDAQ: CERC), a biopharmaceutical company focused on becoming a leader in the development and commercialization of treatments for immunologic, immuno-oncologic and rare genetic disorders, today announced that it has completed its second drawdown of $10 million under its previously announced $35 million debt financing agreement with Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon”). ( PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram & Twitter as well.ROCKVILLE, Md.
#Drawdown debt plus
Oil India Limited (OIL), a Navratna PSU, is a fully integrated E&P company in the upstream sector and is the second largest national oil and gas company of India as measured by total proved plus probable oil and natural gas reserves and production in India.īesides having a pan-India presence, OIL has participating interest in blocks in over eight countries overseas - Libya, Gabon, Nigeria, Venezuela, USA, Mozambique, Russia and Bangladesh. Co-venturers include ENH Rovuma Area Um, SA (15 percent), Mitsui E&P Mozambique Areal Limited (20 percent), ONGC Videsh Rovuma Limited (10 percent), Beas Rovuma Energy Mozambique Limited (10 percent), BPRL Ventures Mozambique BV (10 percent), and PTTEP Mozambique Area 1 Limited (8.5 percent). The project is operated by Total E&P Mozambique Area 1 Limitada, a wholly owned subsidiary of Total SE, with 26.5 percent working interest. OIL will strengthen Guwahati office, says CMD Total-led consortium of OVL, BPCL, OIL secure $14.9 bn for Mozambique LNG project 2.
Area-l Project will be Mozambique’s first onshore LNG development, initially consisting of two LNG trains with total nameplate capacity of 13.12 million tons per annum (MMTPA) for which a Final Investment Decision (FID) at consortium level was announced on June 18, 2019.
The remaining 60 percent shares in BREML are held by ONGC Videsh Limited. OIL is a sponsor in Area 1 Block, through its 40 percent shareholding in BREML, which holds a 10 percent participating interest in the area. OIL is a sponsor in Mozambique Rovuma Offshore Area-l Project
By slowly drawing down the debt, lenders can verify that funds are not misspent before providing more money. The first drawdown from project financing is expected in April 2021.” However, OIL did not disclose the value of the first debt drawdown.ĭebt drawdown involves gradual releasing of funds rather than releasing the entire amount at once. The senior debt financing of USD 14.9 Billion comprises of Export Credit Agencies (the "ECA") Direct Loans, ECA Covered Facilities, Commercial Bank Facilities and a Loan Facility with the African Development Bank. In an official statement released on Wednesday, OIL said, “Oil India Limited (the “OIL”), the National Oil Company of India, announces that Mozambique Rovuma Offshore Area-l Project (the “Project”) has satisfied all the conditions precedent for the first debt drawdown of the project financing, which was finalised by the Project in July 2020.
New Delhi: State-run Oil India Limited (OIL) has said that Mozambique Rovuma Offshore Area-l Project has fulfilled all pre-conditions for the first debt drawdown and it is expected to be issued in April. The project financing for the block was finalised in July 2020.OIL is a sponsor in Mozambique Rovuma Offshore Area 1 Block, through its 40 percent shareholding in BREML.
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