- Created: Friday, 09 June 2017 19:55
- Published: Tuesday, 22 August 2017 17:56
- Written by GlobeNewswire
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NEW YORK, June 09, 2017 (GLOBE NEWSWIRE) -- Tec CTL, Inc., a New York-based integrated oil & gas Company, announced today that it has signed a financing term sheet of up to $3 billion with Milost Global, Inc., an American Private Equity firm. This is a working capital facility for the company which is being provided as a combo of Debt and Equity, of which $2 billion will be an equity facility and $1 billion will be debt facility. Both the company and the investor are expected to sign a commitment letter as the transaction heads to closing.
Last week we announced the receiving of a commitment letter to off-take a total of 20,000 bpd from the government of Botswana through its subsidiary company Botswana Oil Limited. Tec CTL is currently negotiating other off-take agreements with other potential off-take partners that will see a total of 80,000 bpd being purchased from our 4 Botswana plants by 2019 and that will translate to a total of at least $1.4 billion in annual revenues.
Ogaisitse Khama, Vice-Executive Chairman of Tec CTL, commented: “After receiving a commitment from Botswana Oil Limited last week, it is becoming rather evident that we are making headway towards becoming the first integrated Oil & Gas Company to develop a CTL project that will produce Synfuels in Botswana. This financing becomes a cornerstone to a build-up to our IPO that will help us trade on the New York Stock Exchange.”
“We welcome Milost Global’s working capital facility as we are at a stage where we need to beef up our balance sheet since we seek to have our first phase in production within the next 18 to 24 months. We, along with our legal team will work with Milost Global and its counsel in order to swiftly close this transaction so as to ensure that our energies are directed to the same direction and we look forward to a very fruitful relationship with Milost Global,” said Madhava Rao Mankal, the Chief Financial Officer of Tec CTL.
David Eastman, Chief Investment Officer of Milost Global, Inc. said, “We are looking for companies with a compelling story and outstanding management like Tec CTL, this is where we feel comfortable not just to bring in our capital but also our other resources that will help to translate this progressive story into shareholder value for the company and good returns for our limited partners.”
‘’This is the genesis of our growth into Africa, this being the largest transaction in Africa where our capital resources will be deployed, we look to ensure that it becomes a foundation from which our African growth story will be written and more importantly so, we intend to ensure that Tec CTL is well supported in its plans to establish zero importation of fuels into Botswana. Given Botswana’s political stability and its economic growth trajectory through Diamonds, now this will turn a new page to a country with a more diversified GDP,” stated Egerton Forster, CEO of Milost Global.
About Tec CTL, INC.
Tec CTL is a New York-based, vertically integrated United States oil & gas corporation. The company explores, develops and produces oil, gas and chemicals. It owns four projects in Botswana and the same have the capacity to produce a total of 80,000 bpd and seeks to increase through inorganic growth within Africa and elsewhere. www.tecctl.com
About MILOST GLOBAL, INC.
Milost Global, Inc. is an American Private Equity firm that is headquartered in New York City, with more than $25 billion in committed capital, Milost is at the intersection of creative investing and value creation. Milost is also a provider of alternative capital, mezzanine finance and alternative lending to a broad range of industries across the globe including Technology, Transport, Cannabis, Education, Distribution, Mining, Oil & Gas, Financial Services, Healthcare, Pharmaceuticals, Real Estate, Alternative Energy and Infrastructure Development. www.milostglobal.com
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