KUWAIT ENERGY plc GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2013
F-60
Description
2013
2012
USD 000’s
USD 000’s
(i) USD 165 million facility from Deutsche Bank Syndicate that bears a
floating interest rate of LIBOR plus 5% per annum.
104,516
60,000
(ii) USD 60 million facility from Arab Bank that bears an interest rate of
LIBOR plus 5% per annum.
60,000
-
164,516
60,000
The reserve based facility of USD 165 million is secured by pledges on the assets of the subsidiaries Kuwait
Energy Egypt Ltd and Kuwait Energy Ukraine Ltd (see note 17). This loan is repayable by 30 June 2017 and is
measured at amortised cost using the effective interest method. As at 31 December 2013, the Group has undrawn
loan facilities amounting to USD 60.5 million (2012: USD 105 million) although the amount available for
immediate draw down is limited to USD Nil based on the latest borrowing base approved by Deutsche Bank as
determined by the forecast cash flows arising from the borrowing base assets. Subsequent to the year end the
Group has: (a) repaid USD 15.6 million in order to comply with the latest borrowing base, with this amount being
recorded within current liabilities at year end; and (b) drawn down USD 15.1 million as a result of a recent re-
determination of the borrowing base.
