Sterling Energy gets a waiver, share price up

Sterling Energy, the independent UK oil and gas explorer, has reached a waiver agreement with its banks over its $250m reserve-based facility. The waiver, which expires in mid-August and affects the borrower's repayment schedule, was forced on Sterling after its latest borrowing base review left it with a debt gap of $27m, which it otherwise would have had to repay.

  • 21 Apr 2009

Equity investors were encouraged by the announcement, and the Aim-listed borrower’s shares were trading at 2.08p this afternoon, up 7.8% on the day.

The amount of the loan that Sterling can drawn is determined bi-annually and is dependent on its cashflow from assets in the US and Mauritania. Sterling’s ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access:

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,691 11 20.70
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.78

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 40,734.72 129 11.29%
2 JPMorgan 32,938.92 93 9.13%
3 Wells Fargo Securities 30,907.51 87 8.57%
4 Bank of America Merrill Lynch 27,917.30 88 7.74%
5 Credit Suisse 22,890.32 71 6.35%