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RSE announces additional investment in Centennial

28 December 2016 07:12

Riverstone Energy Ltd (REL) said existing portfolio company Centennial Resource Development (CDEV) has entered into an agreement with Riverstone Holdings LLC (Riverstone) such that Riverstone and affiliated funds have committed to invest into CDEV in a combination of CDEV common and convertible preferred shares at the common equivalent of $14.54 per CDEV share, subject to adjustment.

The Transaction was related to the concurrently announced acquisition by CDEV of Silverback Exploration, another Delaware focussed independent oil and gas company, with about 35,000 net acres directly offsetting the CDEV acreage in Reeves county.

Riverstone are pleased to announce that an REL group company has invested $93 million under the Transaction.

The investment has been financed from the proceeds of a bank loan of $100 million (the "Loan").

The Loan is for a term of 18 months and has an annual interest rate cost of 3 month LIBOR + 3.25%. A security interest has been granted over REL's entire investment in CDEV in favour of the lenders, as security for any amounts which may be due from time to time under the Loan.

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