Kosmos Energy Ltd. announced that it has successfully re-financed its revolving credit facility (“RCF”) and completed the semi-annual re-determination of its reserve-based lending (“RBL”) facility. Through these financing activities and strong free cash flow in the first quarter of 2022, liquidity has been further strengthened. Revolving Credit Facility: Kosmos has re-financed its RCF with a total capacity of $250 million while extending the maturity to the end of 2024.

The reduced RCF size will offset an increase in the margin, resulting in slightly lower interest expenses going forward. In anticipation of the cessation of the London Interbank Offered Rate (“LIBOR”), this is one of the energy industry's first credit facilities linked to the Secured Overnight Financing Rate (“SOFR”). The facility remains undrawn.

Reserve-Based Lending Facility: Kosmos also announced that in conjunction with the spring re-determination of the RBL, the Company's lending syndicate approved a borrowing base capacity of $1.25 billion with current outstanding borrowings of $0.9 billion. Total commitments as of April 1, 2022 were $1.25 billion. The RBL facility is secured against the Company's production assets in Ghana (excluding the incremental interests acquired from Occidental Petroleum in October 2021) and Equatorial Guinea with the first amortization payment scheduled for March 2024.

Liquidity: Total liquidity at the end of the first quarter of 2022 increased to approximately $0.9 billion, including the impact of the reduced RCF size.