Petroceltic International PLC Update on Contemplated Bond Issue (8111U)
03 August 2015 - 4:00PM
UK Regulatory
TIDMPCI
RNS Number : 8111U
Petroceltic International PLC
03 August 2015
Dublin
3(rd) August 2015
Petroceltic International Plc
Update on contemplated Bond Issue
Petroceltic International plc (AIM: PCI) ("Petroceltic" or the
"Company"), the oil and gas exploration, development and production
company focused on North Africa, the Mediterranean and Black Sea
regions hereby provides an update on the Company's contemplated
Bond Issue.
As announced on 29 June 2015, Petroceltic is contemplating
issuing up to $175 million of Senior Secured Callable Bonds (the
"Bond Issue"). Since then, the Company has engaged with a broad
group of international institutional credit and industry investors
to discuss their appetite to participate in the Bond Issue. The
Company has received positive confirmation of its strategy and
outlook, as well as the quality of the Company's interest in the
Isarene Production Sharing Contract ("Isarene PSC") for credit
investors.
The bond marketing period has however coincided with a time of
volatile market conditions making it challenging to complete the
Bond Issue on terms acceptable to the Company. More positively,
this period has also coincided with the approval for the Company to
transfer its interest in the Isarene PSC to a wholly-owned
subsidiary company, Petroceltic Ain Tsila Limited, more quickly
than originally anticipated (the "Transfer"). The completion of the
Transfer, which is anticipated over the coming weeks, will provide
investors with clarity and certainty on the security position of
the Bond Issue at completion.
The Company has therefore decided to suspend formal marketing of
the Bond Issue until completion of the Transfer, subject to
satisfactory market conditions. In the meantime, the Company will
continue discussions with selected potential investors.
Commenting on the update, Brian O'Cathain, CEO of Petroceltic
said:
"The transfer of our interest in the Isarene PSC to a wholly
owned subsidiary is a positive event. The Company continues to
pursue its previously announced financing strategy which it
believes is in the best interests of the Company and its
shareholders as a whole."
Further announcements will be made as appropriate.
Ends
For further information, please contact:
Brian O' Cathain /Tom Hickey, Petroceltic International Tel: +353 (1) 421 8300
James Henderson / 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 North Africa the
Mediterranean and Black Sea Regions, 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
MSCPTMFTMBJMBLA
Petroceltic (LSE:PCI)
Historical Stock Chart
From Apr 2024 to May 2024
Petroceltic (LSE:PCI)
Historical Stock Chart
From May 2023 to May 2024