Santos secures $750 mln loan

Australian LNG operator Santos said it has secured a $750 million five-year bank loan maturing January 2026.

The funds secured through the facility that was three times oversubscribed will be used to refinance its existing $750 million loan taken out for the acquisition of ConocoPhillips’ northern Australian and Timor-Leste assets, which was completed in May 2020.

Santos managing director and CEO Kevin Gallagher said the new debt facility is consistent with the company’s strategy of securing competitively priced long-term funding.

“With this new facility in place, we now have no material debt maturities until 2024.”

“We also have ample liquidity in place and our debt covenants have sufficient headroom at current oil prices for a number of years,” Gallagher said.