Petroceltic International PLC Contemplated Bond Issue (4409R)
June 29 2015 - 2:00AM
UK Regulatory
TIDMPCI
RNS Number : 4409R
Petroceltic International PLC
29 June 2015
Dublin
29 June 2015
Petroceltic International Plc
Contemplated Bond Issue of up to $175 million
Petroceltic International plc (AIM: PCI) ("Petroceltic" or the
"Group"), the oil and gas exploration, development and production
company focused on the Middle East, North Africa and the
Mediterranean region, today announces that it is contemplating
issuing up to $175 million of Senior Secured Callable Bonds (the
"Bond Issue"). The Bond Issue will have a tenor of three years. The
net proceeds from the Bond Issue will be used to refinance up to
$50 million of Petroceltic's outstanding bank debt, finance
development capex across Petroceltic's asset portfolio and for
general corporate purposes. In conjunction with the contemplated
Bond Issue, the Group's existing lenders have agreed to suspend the
half yearly redetermination process under the outstanding bank debt
until 30 September 2016.
The contemplated Bond Issue of up to $175m will represent an
important addition to the Group's overall financing mix. While
further funding will be required as the Ain Tsila development
progresses, the Bond Issue will, once completed, represent the
first step in diversifying the Group's funding base as part of its
long term financing plan for Ain Tsila.
Pareto Securities has been appointed as Sole Manager and
Bookrunner of the Bond Issue.
Ends
For further information, please contact:
Brian O' Cathain /Tom Hickey/Peter Dunne, Petroceltic Tel: +353 (1) 421 8300
Pareto Securities Fixed Income Sales Desk Tel: +47 (22) 87 87 70
Philip Dennis / Rollo Crichton-Stuart, Bell Pottinger Tel: +44 (20) 3772 2500
Douglas Keatinge / Joe Heron, Murray Consultants Tel: +353 (1) 498 0300
John Frain / Roland French, Davy Tel: +353 (1) 679 6363
Notes to Editors:
Petroceltic International plc is a leading Upstream Oil and Gas
Exploration and Production Company, focused on the Middle East,
North Africa and the Mediterranean Region, and listed on the London
Stock Exchange's AIM Market and the Irish Stock Exchange's ESM
Market. The Company has production, exploration and development
assets in Algeria, Egypt, Bulgaria and Italy.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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