Nostra Terra today confirmed a three-year extension for its $25million credit facility.
Nostra Terra, which has assets in the US and Egypt, battered out the details with Texas Capital Bank, which has more than $11billion assets under its management.
The facility contains both a three year revolving credit facility and a standby letter of credit facility with an initial nominal limit of $25million. Interest is charged on monies drawn down at the current rate of 4.25%.
The funds will allow the firm to grow its asset base.
Chief executive Matt Lofgran said: “We’re pleased to announce the securing of a three year extension on such a strong facility on very good terms for the company at a time when many companies in the industry are struggling with the continued low oil price environment. We will use the facility to expand our portfolio in the USA as attractive opportunities present themselves.
“We see the drop in oil prices as an opportunity to acquire assets at attractive levels. Our focus is on producing assets where we can use leverage and we are currently performing due diligence and negotiating on new assets and anticipate an increased level of activity into 2016.”