Kosmos Energy Secures $67m IFC Loan To Fund Jubilee Projects

Jubilee partner Kosmos Energy, through its Kosmos Energy Finance International (KEFI), has secured an International Finance Corporation (IFC) senior loan facility of $67 million to finance activities at Ghana's Jubilee oilfields. In a filing titled "Form 8-K� and dated February 17, 2012 to the US Securities and Exchange, the Blackstone-Warburg Pincus backed company disclosed that the IFC has agreed to make available to KEFI, a �secured senior term loan facility in an aggregate amount equal to $67,000,000�. ��and subject to the terms of the Facility Agreement; however, by June 30, 2012, such amount shall be increased to an amount not to exceed $100,000,000 by obtaining additional commitments from IFC, or through transfers from the lenders that are party to the Facility Agreement,� Kosmos said. Proceeds from the IFC Facility Agreement, it said �will be used, among other things, to support the Jubilee Field development, appraisal of additional discoveries and ongoing exploration activities in Ghana.� Kosmos Energy started seeking for the loan from the IFC, the World Bank"s private arm, in December 2011.