Santos announced refinancing of syndicated debt facilities

Santos (ASX: STO) has executed documentation to revise and extend its two syndicated bank loan facilities totalling US$1.25 billion. The facility includes:

• A US$250 million fully-revolving loan maturing in August 2025.
• A US$1 billion fully-revolving loan maturing in February 2028.

The loan bears a floating interest rate over the Secured Overnight Funding Rate with a margin that references STO’s external credit rating, now 1.3% yearly for the 3-year facility and 1.5% yearly for the 5.5-year facility.

The facilities received robust support from the Company’s current syndicated banking relationships. STO pointed out that the proceeds will be used originally to refinance current drawn bank loans maturing in 2024 and 2026 and subsequently for general corporate purposes.

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