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Karoon closes loan for oil field acquisition in Brazil

Karoon closes loan for oil field acquisition in Brazil

October 17, 2019
Australian oil and gas company signs a four-year loan from ING for the Baúna deal

Loans Project & Infrastructure Finance Debt Energy Gas Brazil Australia

Australia's Karoon Energy said it has signed a $275m loan from ING to finance the acquisition of the Baúna oil field in Brazil. The four-year bullet loan pays 400bp over Libor and includes an option for additional funding to drill wells at the Patola oil discovery in the Santos Basin, Karoon said in a securities filing. It also said that it is close to completing a marketing agreement for oil from Baúna. Karoon agreed in July to pay $665m for Baúna in the Santos Basin. It said at the time that i

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