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 BNP Paribas 5,997 17 15.40
2 Citi 4,679 16 12.02
3 Lloyds Bank 3,158 6 8.11
4 Bank of America Merrill Lynch (BAML) 3,104 10 7.97
5 Morgan Stanley 3,066 8 7.88

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 69,310.90 231 10.40%
2 JPMorgan 64,579.62 197 9.69%
3 Wells Fargo Securities 51,322.59 157 7.70%
4 Bank of America Merrill Lynch 50,413.91 166 7.56%
5 Credit Suisse 47,114.03 149 7.07%