LONDON (dpa-AFX) - Lamprell Plc (LAM.L), a UAE-based construction and fabrication company, on Tuesday said it has agreed, in principle, the structure and commercial terms of a $45 million UAE Export Credit Agency backed revolving trade loan facility with two regional banks.
In its funding update, the company said the initial facility will assist with the working capital requirements of the two IMI newbuild jackup rigs which are currently under construction at its Hamriyah yard.
As part of the terms of the Initial Facility, there is an option of a further $45 million accordion funding arrangement. It is subject to the provision of additional security to the banks similar to that for the Initial Facility, which will be agreed in due course and is expected to be available in the first quarter of 2022.
Among other things, the drawdown of the Initial Facility will be conditional on the company successfully completing a 19.99% equity raise.
As announced earlier, the company expects to undertake the equity raise in the fourth quarter.
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