The bonds are expected to be issued on July 5, with a maturity date of July 7, 2025. They will come with a coupon rate based on the three-month Norwegian Interbank Offered Rate (NIBOR) plus 9.25%.
The bonds will be issued at 97% of the nominal amount. They are targeted to be listed on the Oslo Børs within six months.
Lars Hubert, chief executive officer (CEO) of Lime Petroleum says, “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,” he adds.
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ABG Sundal Collier ASA was the sole bookrunner and manager of the bond issue.
Shares in Rex International closed 1 cent higher or 3.64% up at 28.5 cents on June 28.
