Kosmos Energy has amended and restated its commercial debt facility, reducing the total facility size to $1.2 billion while extending the final maturity date. The new agreement modifies the amortization schedule, interest margin, and introduces a new liquidity covenant.
Key Details
- Facility Size: The amended facility (A&R RBL) is set at $1.2 billion, with an option to increase total commitments by an additional $550 million to $1.75 billion.
- Maturity & Amortization: The final maturity date has been extended to April 1, 2033. The principal amortization schedule now begins on October 1, 2029.
- New Terms: The agreement includes an applicable interest margin of 4.50% for the first three years and a new minimum liquidity covenant of $200 million, which will be tested semi-annually starting March 31, 2027.
- Associated Costs: The company expects to incur approximately $20 million in fees and expenses associated with entering into the amended facility.