InterOil Colombia E&P Inc. has entered into a credit facility for USD 13.5 million with Colpatria Bank. The proceeds were used to repay the debt to Citibank Colombia (USD 15 million at the date of the transaction). The new loan carries an annual interest of LIBOR + 5 % and matures in February 2014. The reduced interest and longer maturity relative to the Citibank facility, will reduce the quarterly interest and amortization payments by approximately USD 600'000. In addition, the transaction will release approximately USD 3.5 million, as the escrow requirements will be reduced from USD 5.5 million to USD 2.0 million under the new Colpatria facility.
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InterOil Exploration & Production ASA is a Norwegian based exploration and production company - listed on the Oslo Stock Exchange - with focus on Latin-America. The company is operator of several production and exploration assets in Peru, Colombia and Ghana. InterOil currently employs approximately 280 people and is headquartered in Oslo.