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Additional news provided by BPT to ASX today:

"Beach Petroleum Ltd (ASX: BPT) has successfully completed the refinancing of a $650million bridge facility which was provided by the Commonwealth Bank of Australia (“CBA”) to fund the acquisition of Delhi Petroleum in September 2006.

The refinancing comprises a $300 million 3-year senior syndicated term debt facility jointly underwritten by CBA and Societe Generale Australia Branch (“SG”) and an associated $25 million working capital facility provided by CBA.

The Term Facility is designed to provide Beach with significant flexibility to support the company’s future growth plans while providing a moderate level of long term core debt.

The refinancing follows the completion of the full integration of the Delhi Petroleum into Beach’s other operations and the restructure of the debt facilities assumed by Beach as part of the Delhi acquisition including the full redemption of the FIELD Notes.

Throughout the acquisition, integration and refinancing process, Beach has been able to successfully complete the integration of the Delhi business and reduce overall debt levels to $300 million from the original $650 million level at the time of the acquisition."

Obviously, this term debt facility will be at substantially much better interest rates than the old bridging facility. Just how much better the press release did not say (have to wait till published financial report for year ending 30 June 2007 is released to find out what rate they are paying on the new loan).