IGas Energy to redeem 2.16% of 10% secured bonds due 2018 in offer

By Susanna Moon

Chicago, March 1 – IGas Energy plc will redeem 2.16% of its 10% secured callable bonds due March 22, 2018 in the mandatory redemption offer that ended at 11 a.m. ET on Wednesday.

IGas accepted more than the total 2,212,847 bonds that the company offered to purchase, on a pro rata basis, according to a company notice.

The aggregate purchase price will be $2,323,490 plus accrued interest to and including the settlement date of March 8.

As announced Jan. 30, the issuer was holding a mandatory redemption offer for $2.3 million of its 10% bonds.

Under the bond terms, IGas is required to invest $15 million per year in its conventional hydrocarbon assets, and the amount invested last year fell short, according to a previous company announcement.

ABG Sundal Collier ASA is the manager for the redemption offer.

IGas is a London-based onshore hydrocarbon producer, delivering natural gas and crude oil to Britain’s energy market.

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