Afren secures additional debt funding

Oil producer Afren Plc said its noteholders agreed to subscribe for further notes up to $369 million, adding $93 million in net cash proceeds to the amount it announced in April.

Afren said it would use the proceeds to refinance its previously announced interim funding and fund the development of core producing assets.

The company, which has been struggling with debt and low oil prices, said in April it secured debt funding worth $255 million.

Afren also reported on Friday an operating loss of $17.2 million for the three months ended 31 March, compared with a profit of $72.4 million a year earlier.