ENDEAVOUR INTERNATIONAL CORP - FORM 8-K - EX-99.3 - October 3, 2014

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Exhibit 99.3

ADDENDUM TO THE REVOLVING LOAN

FACILITY AGREEMENT DATED AS OF 23 JANUARY, 2008 BETWEEN

ENDEAVOUR INTERNATIONAL HOLDING B.V. AND

ENDEAVOUR ENERGY LUXEMBOURG S.à.r.l.

Whereas, Endeavour International Holding B. V. and Endeavour Energy Luxembourg S à.r.l. desire to amend the terms of the Revolving Loan Facility Agreement dated as of 23rd January 2008 (the “Agreement”);

Now hereby it is agreed to amend the Agreement effective the 1st of January 2014 as follows

Article 1 (THE FACILITY)

“The Maturity Date of the Facility will be the 31st day of December 2013.”

Shall be deleted and replaced with:

“The Maturity Date of the Facility will be the 24th day of January 2016.”

Except as expressly amended above by this Addendum, the other terms and conditions of the Agreement (as previously amended) remain in full force and effect.

Addendum

Page 2

For and on behalf of

Endeavour International Holding B.V.,

A Netherlands Corporation

 

/s/ Frank Lucassen

By:   Frank Lucassen
Title:   Managing Director

 

/s/ Andrew J. Sheu

By:   Andrew J. Sheu
Title:   Managing Director

For and on behalf of

Endeavour Energy Luxembourg S.à.r.l.,

A Luxembourg Corporation

 

/s/ Andrew J. Sheu

By:   Andrew J. Sheu
Title:   Category A Manager

 

/s/ Onno Bouwmeister

By:   Onno Bouwmeister
Title:   Category B Manager

SECOND AMENDMENT TO THE SIDE LETTER AGREEMENT

DATED AS OF 23 JANUARY, 2008 BETWEEN

ENDEAVOUR INTERNATIONAL HOLDING B.V. AND

ENDEAVOUR ENERGY LUXEMBOURG S.à.r.l.

Whereas, Endeavour International Holding B. V. (“EIHBV”) and Endeavour Energy Luxembourg S.à.r.l. (“EEL”) desire to amend the terms of the Side Letter Agreement dated as of 23rd January 2008 (the “Agreement”);

With effect from 1st of January 2014, the Agreement shall be amended as follows:

The third section of the Agreement beginning with “NOW THEREFORE IT IS HEREBY AGREED as follows:” is deleted in full and replaced with the following new section:

NOW THEREFORE IT IS HEREBY AGREED as follows:

 

1) Terms defined in the Trust Deed dated 24 January 2008 between Endeavour Energy Luxembourg S.à.r.l., as Issuer, Endeavour International Corporation, as Guarantor, and Smedvig QIF PLC, as Bondholder, relating to US $40,000,000 11.5 per cent. Guaranteed Convertible Bonds due 2014, including the amendments to certain terms and conditions of the Bonds as set out in the Amendment Deed dated 11 March 2011, have the same meaning in this agreement unless given a different meaning.

 

2) Subject as provided herein, the US $40,000,000 loan provided by EEL to EIHBV shall bear interest from 23rd January 2008 to 31st March 2014 at the rate of 11.59 per cent per annum calculated by reference to the US $40,000,000 loan amount thereof and such interest will be capitalized by adding to the Outstanding Principal Amount from time to time of the Bonds quarterly in arrear on 31 March, 30 June, 30 September and 31 December in each year (each an “Interest Capitalisation Date”), commencing on the Interest Capitalisation Date falling on 31 March 2008 (the “First Capitalisation Date”).

 

3) Beginning with the Interest Period commencing on 31 March 2014, the Bonds shall bear interest at the rate of 7.59 per cent, per annum calculated by reference to the principal amount thereof and which will be capitalized by adding to the Outstanding Principal Amount from time to time of the Bonds quarterly in arrear on each Interest Capitalisation Date, commencing on the Interest Capitalisation Date falling on 30 June 2014.

Where interest is required to be calculated for any period which is not an Interest Period it will be calculated on the basis of a 360 day year consisting of 12 months of 30 days each, and in the case of an incomplete month, the number of days elapsed. All references in

these Conditions to principal shall include interest which has been capitalized. The attached schedule reflects the amount of interest expense per quarter as calculated in accordance with this section.

 

4) Notwithstanding the provisions of the previous paragraph, the loan may cease to bear interest if the US $40,000,000 11.5 per cent. Guaranteed Convertible Bonds due 2014 ceases to bear interest pursuant to Sections 6.1 and 6.2 in the Trust Deed.

Except as expressly amended above by this Addendum, the other terms and conditions of the Agreement (as previously amended) remain in full force and effect.

For and on behalf of

Endeavour International Holding B.V.,

A Netherlands Corporation

 

/s/ Andrew J. Sheu

By:   Andrew J. Sheu
Title:   Managing Director

/s/ Frank Lucassen

By:   Frank J. J. Lucassen
Title:   Managing Director

For and on behalf of

Endeavour Energy Luxembourg S.à.r.l.,

A Luxembourg Corporation

 

/s/ Andrew J. Sheu

By:   Andrew J. Sheu
Title:   Category A Manager

/s/ Onno Bouwmeister

By:   Onno Bouwmeister
Title:   Category B Manager

$40 Million Loan to EIHBV

           

Interest Capitalization

           

Annual Interest Rate:

      11.59 %      Beginning Loan Amount:         40,000,000      

Amended Interest

Rate, Effective

March 31, 2014

      7.59 %         

 

Period

   Bond Balance      Capitalized
Amount		      Bond After
Capitalization		     Interest Expense      Luxembourg
Taxable Spread		      Notes:  

31-Mar-08

     40,000,000         862,811         40,862,811           6,700        
 		 Jan 25 - Mar 31, 2008
= 67 days / 360 days		   
  

30-Jun-08

     40,862,811         1,184,000         42,046,811           9,387      

30-Sep-08

     42,046,811         1,218,306         43,265,117           9,923      

31-Dec-08

     43,265,117         1,253,607         44,518,724        4,518,724         10,482         36,492   

31-Mar-09

     44,518,724         1,289,930         45,808,654           11,066      

30-Jun-09

     45,808,654         1,327,306         47,135,960           11,674      

30-Sep-09

     47,135,960         1,365,764         48,501,724           12,309      

31-Dec-09

     48,501,724         1,405,337         49,907,062        5,388,338         12,970         48,018   

31-Mar-10

     49,907,062         1,446,057         51,353,119           13,659      

30-Jun-10

     51,353,119         1,487,957         52,841,076           14,377      

30-Sep-10

     52,841,076         1,531,070         54,372,146           15,125      

31-Dec-10

     54,372,146         1,575,433         55,947,579        6,040,517         15,904         59,065   

31-Mar-11

     55,947,579         1,621,081         57,568,660           16,716      

30-Jun-11

     57,568,660         1,668,052         59,236,712           17,561      

30-Sep-11

     59,236,712         1,716,384         60,953,095           18,442      

31-Dec-11

     60,953,095         1,766,116         62,719,211        6,771,633         19,358         72,077   

31-Mar-12

     62,719,211         1,817,289         64,536,501           20,312      

30-Jun-12

     64,536,501         1,869,945         66,406,446           21,305      

30-Sep-12

     66,406,446         1,924,127         68,330,572           22,338      

31-Dec-12

     68,330,572         1,979,878         70,310,451        7,591,239         23,413         87,367   

31-Mar-13

     70,310,451         2,037,245         72,347,696           24,532      

30-Jun-13

     72,347,696         2,096,274         74,443,971           25,695      

30-Sep-13

     74,443,971         2,157,014         76,600,985           26,906      

31-Dec-13

     76,600,985         2,219,514         78,820,498        8,510,047         28,165         105,297   

31-Mar-14

     78,820,498         2,283,824         81,104,322           29,474      

30-Jun-14

     81,104,322         1,538,955         82,643,277           26,457      

30-Sep-14

     82,643,277         1,568,156         84,211,433           27,299      

31-Dec-14

     84,211,433         1,597,912         85,809,345        6,988,847         28,164         111,394   

31-Mar-15

     85,809,345         1,628,232         87,437,577           29,052      

30-Jun-15

     87,437,577         1,659,128         89,096,705           29,963      

30-Sep-15

     89,096,705         1,690,610         90,787,315           30,898      

31-Dec-15

     90,787,315         1,722,689         92,510,004        6,700,660         31,858         121,770   

24-Jan-16

     92,510,004         468,101         92,978,105        468,101         8,758      
          (600,000 )         
       

 

 

          
          92,378,105           
       

 

 

          

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