(EnergyAsia, January 4 2012, Wednesday) — Australian upstream company Santos said it has secured US$1.2 billion in corporate senior debt facilities from the country’s Export Credit Agency (ECA).

Santos said the facilities provide it with additional liquidity with flexible drawdown dates during the construction period of the Gladstone LNG (GLNG) project in Queensland state.

The company’s chief financial officer, Andrew Seaton, said the facilities will form part of its funding strategy announced in late-2010, demonstrating the company’s ability to source capital from a diverse range of sources on attractive terms.

He said: “The strong support we received from existing and new lenders demonstrates the strength of the Santos business and financial profile. The ECA backed funding features average maturities of eight years and include facilities which amortise over 13 years.”

“We continue to maintain a strong balance sheet. With these new debt facilities, Santos will have more than US$7 billion of available funding capacity, including cash and committed corporate and project debt facilities.”

The facilities include customary conditions precedent to first drawdown which are expected to be satisfied this month. Santos said Taylor-DeJongh acted as its financial advisor.