Lime Petroleum AS, the 91.65%-owned subsidiary of SGX-listed Rex International, has successfully raised a three-year senior secured bond issue of NOK 950 million ($133.9 million).
The new bond issue was a refinancing of the existing NOK 500 million senior secured bonds that will mature in January 2024. The new issue was also for Lime Petroleum’s acquisition purposes on the Norwegian continental shelf, as well as for working capital purposes.
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%.