Lime Petroleum’s US$96.7 million senior secured bond fully subscribed
Oslo, 29 June 2022 – Lime Petroleum AS (“Lime Petroleum”) is pleased to announce that it has successfully raised a three-year senior secured bond issue of NOK 950 million (approximately US$96.7 million) (the “Bond Issue” or the “Bonds”). The purpose of the new Bond Issue is refinancing of the existing NOK 500 million (approximately US$51 million) senior secured bonds with maturity in January 2024 (ISIN NO0011037343) and for Lime Petroleum’s acquisition purposes on the Norwegian Continental Shelf (“NCS”), as wellas general working capital purposes.
The issue date of the Bonds is expected to be 5 July 2022, with maturity date on 7 July2025. The coupon rate will be 3 months NIBOR* plus 9.25 per cent. The Bonds will be issued at 97 per cent of the nominal amount. The Bonds are targeted to be listed on the Oslo Børs within 6 months.
Mr Lars Hubert, Chief Executive Officer of Lime Petroleum, said, “We are gratified that the Bonds attracted strong interest and take-up rate despite current market volatility. The completion of the bond issue allows us to forge ahead with our second acquisition of producing assets on the Norwegian Continental Shelf. We are excited to build on our reserves base and operating capabilities as we drive to unlock further value in our growing portfolio.”
The sole bookrunner and manager of the bond issue was ABG Sundal Collier ASA.
*NIBOR - Norwegian Interbank Offered Rate