"Once the standard conditions precedent are satisfied, the new facility will refinance and replace the existing US$300 million secured capital expenditure facility," InterOil said.
The facility is secured at an annual interest rate of LIBOR plus 6%, with maturity extended from the end of 2016 to the end of 2017.
Other supporting lenders include Westpac, Bank of South Pacific, Intesa Sanpaolo, Credit Suisse, Société Générale, Morgan Stanley and UBS.
"We are taking proactive steps to increase our financial flexibility. The new, increased and extended credit facility underscores the lenders' confidence in our Papua New Guinea assets and in Papua LNG, one of the world's lowest cost greenfield LNG projects," InterOil CFO Donald Spector said.