LNC Secures A$120 Million Line of Credit
Sydney, Jan 31, 2012 AEST (ABN Newswire) - Linc Energy Ltd (
ASX:LNC) (OTCQX:LNCGY) is pleased to announce that it has entered into a A$120 million Line of Credit facility with an affiliate of Fortress Investment Group LLC, a New York-based company with over US$40 billion under management.
This redraw facility is available for a period of 12 months. Linc Energy's management has entered into this line of credit to ensure that the Company remains strong and well-funded throughout 2012 as it executes its business objectives across its three key divisions of Coal, Clean Energy and Oil and Gas.
The facility is secured by certain assets of the Company but allows the Company to deal with those assets and repay any drawn down funds at any time during the availability period. The interest cost of the facility over 12 months is approx. 7% over the 1 month BBSY margin rate.
Contact
Information for Media:
Heather Stewart
Media Manager
Phone: +61-7-3229-0800
E-mail: heather.stewart@lincenergy.com
ASX Contact:
Brook Burke
Company Secretary
Phone: +61-7-3229-0800
E-mail: brook.burke@lincenergy.com
Information for Investors:
Anesti Dermedgoglou
Country Investor Relations Manager - Australasia
Phone: +61-7-3229-0800
E-mail anesti.dermedgoglou@lincenergy.com
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