The transaction was led by BNP Paribas and Lloyds Banking Group and included a group of seven additional international banks acting as mandated lead arrangers.
The facility is a traditional North Sea borrowing base financing secured against the firm’s interests in the producing Don Southwest (Valiant: 40%) and West Don (Valiant: 17.28%) fields and has provisions for accessing finance against other development and producing assets subject to certain conditions precedent.
There is also pre-approval to extend the total facility limit up to $400m on existing terms subject to obtaining additional credit commitments from existing or new lenders.
The initial available amount under the borrowing base has been set at $184m and will next be redetermined in June 2011.
Valiant chief financial officer Mark Lewis said that the new facility will give the company access to additional development capital and strategic flexibility over the coming years in support of its long-term growth targets.
Valiant is an oil and gas company with a primary focus on exploration and production within the UK Continental Shelf.
