LONDON (ShareCast) - (ShareCast News) - Riverstone Energy said it had invested $93m into its portfolio company Centennial Resource Development (CDEV) as part of a deal to buy independent oil and gas firm Silverback Exploration.
CDEV bought Silverback in November and struck a deal with Riverstone for an investment commitment worth $14.54 per CDEV share.

The investment has been financed from the proceeds of a $100m 18 month bank loan at an annual interest rate cost of three month LIBOR plus 3.25%.

A security interest has been granted over REL's entire investment in CDEV in favour of the lenders, as security for any amounts which may be due from time to time under the loan, Riverstone said.

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