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BEIJING, July 17, 2015 - (ACN Newswire) - AAG Energy Holdings Limited (Stock code: 2686), a leading and independent CBM producer in China, is pleased to announce that a new US$250,000,000 reserve-based facility agreement was entered into on July 8, 2015 between, among others, Sino-American Energy, Inc. ("SAEI"), its indirect wholly-owned subsidiary (as borrower), Asian American Gas, Inc., its direct wholly-owned subsidiary (as guarantor), The Hongkong and Shanghai Banking Corporation Limited, Bank of Communication Ltd., Offshore Banking Unit, Standard Chartered Bank (Hong Kong) Limited and Societe Generale, Singapore Branch (as original lenders), under which an amount of up to US$250,000,000 (the "New Reserve-Based Facility") is made available for a six-year period. On July 16, 2015, the conditions precedent for drawdown under the New Reserve-Based Facility have been satisfied and SAEI has successfully drawn down part of the US$250,000,000 New Reserve-Based Facility to prepay and replace the previous US$100,000,000 reserve-based facility signed in 2013.
Dr. Stephen Zou Xiangdong, the Chairman of the board of AAG Energy, said: "This is another exciting piece of news building on our successful IPO in Hong Kong last month. The New Reserve-Based Facility demonstrates AAG Energy's robust commercial CBM production and the strong cashflows from the Panzhuang concession. This new influx of capital will not only allow us to continue to boost our production capacity in the Panzhuang concession, but also enhance our capability for the commercialization of the Mabi concession, as well as providing us with financing for new unconventional investment opportunities to create additional value for our shareholders. I am confident in the solid development of China's market in CBM and other unconventional resources."
Contact:
AAG Energy Holdings Limited
Marshall Wu
+86 10 6590 0988
marshall.wu@aagenergy.com
Topic: Press release summary
Source: AAG Energy Holdings Limited
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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