Sydney, Jan 31, 2012 (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.
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.
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About Linc Energy Limited
Linc Energy is a globally focused, diversified energy company with a strong portfolio of coal, oil and gas deposits. It is Linc Energy's purpose to unlock the value of its resources to produce energy to fuel the future.
A publicly listed company, Linc Energy is the global leader in Underground Coal Gasification (UCG), which delivers a synthesis gas feedstock to supply commercially viable energy solutions – such as electricity, transport fuels and oil production – through gas turbine combined cycle power generation, Gas to Liquids (GTL) Fischer-Tropsch processing and Enhanced Oil Recovery.
Linc Energy has constructed and commissioned the world's only UCG to GTL demonstration facility located in Queensland, Australia. This facility produces the world's only UCG to GTL synthetic diesel fuel. Linc Energy also owns the world's only commercial UCG operation, Yerostigaz, located in Uzbekistan. Yerostigaz has produced commercial UCG synthesis for power generation for 50 years.
Linc Energy is on a rapid global expansion path to commercialise its portfolio of resources, with established offices across three continents in the United States, the United Kingdom and Australia.
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