VAALCO ENERGY INC /DE/ (EGY): debt financing — VAALCO Energy enters new $300M revolving credit facility (initial $190M) to fund growth projects

VAALCO ENERGY INC /DE/

Six-year term; amortization begins September 30, 2026; accordion to $300M total.
Interest rate 6.5%+SOFR until Côte d'Ivoire FPSO dry dock completion, then 6.0%+SOFR.
Facility secured by assets in Gabon, Egypt and Côte d'Ivoire; replaces existing Glencore facility.
Undrawn available fee 35% of margin p.a.; undrawn unavailable fee 20% of margin p.a.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

VAALCO ENERGY INC /DE/ incurred credit facility of $190 million with The Standard Bank of South Africa Limited, as agent at Term SOFR plus the applicable margin of (i) 6.50%... (ii) thereafter, 6.00% maturing sixth anniversary of the date of the Facility Agreement.

Instrument: credit facility
Principal: $190 million
Counterparty: The Standard Bank of South Africa Limited, as agent
Rate: Term SOFR plus the applicable margin of (i) 6.50%... (ii) thereafter, 6.00%
Maturity: sixth anniversary of the date of the Facility Agreement
Event: incurrence

Exact text from the filing

Agreement and related finance documents. The Obligors are all direct or indirect subsidiaries of the Company. The Facility has, as of March 4, 2025, aggregate commitments of $190 million (the “Initial Total Commitments”). The Initial Total Commitments reduce semi-annually starting from the earlier of (a) the date falling 24 months from the date of the Facility

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Source: SEC EDGAR

accession 0000894627-25-000008

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