| Home : July 2011 : July 05, 2011 News : Homeland Energy Group Announces Credit Facility With ICICI Bank of US$30 Million |
Homeland Energy Group Announces Credit Facility With ICICI Bank of US$30 Million |
July 05, 2011
TORONTO, CANADA--(Marketwire - July 4, 2011) - Homeland Energy Group Ltd. (TSX:HEG) ("Homeland" or the "Company") is pleased to announce that it has signed a facility agreement with ICICI Bank to provide a credit facility of US$30 million to provide funds for capital expenditures and development of the Company's assets. The facility will bear interest at the 90 days LIBOR + 4% payable quarterly and will have a term of 6 years. Repayment of the facility will commence 24 months after the first drawdown. The loan will be fully secured against the assets of the Company and its subsidiaries. GMR Energy Limited, the controlling shareholder of the Company, has agreed to subordinate its security interest in favour of ICICI Bank. GMR Infrastructure Limited, an affiliate of GMR Energy Limited, has also agreed to provide a guarantee in respect of the facility. The facility will be subject to mandatory prepayments if the Company raises funds from alternative sources during the term of the loan.
http://www.marketwire.com/mw/release.do?id=1534313&sourceType=3
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