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The second tranche of the senior debt to the value of up to USD200m, which is still under negotiation, is expected to close in fourth quarter 2008.
The company will draw down on this facility only when necessary, which is for a term ending in December 2012 at a rate of LIBOR plus 2.75%.
This initial USD15m tranche will be used to continue drilling activities in northwest Peru as well as to make the initial payment to General Electric to purchase three new LM6000 turbines for the company's proposed gas-to-power project. In addition to the USD215m senior debt, the company is negotiating with IFC for an additional facility for the amount of USD120m for the gas-to-power project. This financing is anticipated to be completed by year end 2008.
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