By Sarah Lizee
Olympia, Wash., Sept. 9 – Independent Oil & Gas plc sold €100 million five-year senior secured bonds, according to a press release.
ABG Sundal Collier ASA was the manager.
The bonds have a bullet repayment structure and an interest rate of 950 basis points over Euribor. There is a 0% Euribor floor.
The bonds are callable after three years with an initial call premium of 50% of the coupon, repayable at a cost of €104.75 million if Euribor is at 0% or lower, declining 10% every six months onwards.
The company may issue additional amounts up to €30 million. The tap issues would carry the same terms as the initial issue but at different prices.
Application for listing has been made on the Oslo Bors.
Proceeds will be used for capital expenditure on the company’s gas development project in the U.K. Southern North Sea, financing costs and general corporate purposes.
The oil and gas company is based in London.
| Issuer: | Independent Oil & Gas plc
|
| Issue: | Senior secured bonds
|
| Amount: | €100 million
|
| Maturity: | Sept. 20, 2024
|
| Manager: | ABG Sundal Collier ASA
|
| Coupon: | Euribor plus 950 bps; 0% Euribor floor
|
| Call: | After three years with an initial call premium of 50% of the coupon, repayable at a cost of €104.75 million if Euribor is at 0% or lower, declining 10% every six months onwards
|
| Announcement date: | Sept. 9
|
| Settlement date: | Sept. 20
|
| Listing: | Oslo Bors
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
