By William Gullotti
Buffalo, N.Y., Jan. 18 – Seacrest Petroleo Bermuda Ltd. sold $80 million of 16% three-year senior bonds, according to notices on Thursday.
ABG Sundal Collier ASA acted as lead manager for the company’s first bond issue, arranging a series of fixed-income investor calls that started Jan. 8.
The net proceeds will be used to strengthen the company's balance sheet by paying down working capital facilities, funding improvements to increase production at its Norte Capixaba and Cricare Clusters and for general corporate purposes.
An application will be made to list the bonds on the Nordic ABM.
Established in 2020 and listed on the Euronext Expand Oslo on Feb. 23, 2023, the vertically integrated oil and gas production company operates in Espírito Santo, Brazil and has offices in Bermuda, Norway and Brazil.
| Issuer: | Seacrest Petroleo Bermuda Ltd.
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| Amount: | $80 million
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| Issue: | Senior bonds
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| Tenor: | Three years
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| Lead manager: | ABG Sundal Collier ASA
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| Counsel to issuer: | Wikborg Rein
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| Coupon: | 16%
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| Announcement date: | Jan. 18
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| Listing: | Nordic ABM
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