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IGas Energy has buyer for US$165mln of debt

Published: 11:14 05 Jul 2016 BST

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Pareto Securities, which has been working on behalf of the client, revealed it had accepted the offer for the US$165mln senior callable bonds

IGas Energy Plc (LON: IGAS) revealed that an unnamed client has accepted an offer to  buy the gas firm's listed debt.

Pareto Securities, which has been working on behalf of the client, revealed it had accepted  the offer for the US$165mln senior callable bonds.

Pareto said the client had accepted all tenders to and including 75% of par which will be the purchase price  at which all the bonds are to be acquired, which is expected on July 12, 2016.

IGas also noted today the acquisition of senior bonds with a nominal value of US$38.42mln at 75 cents per bond on the on the Oslo Stock exchange.

In June IGas said it was actively seeking to strengthen its balance sheet. It also revealed it had begun talks with its leading bondholders with a view to extending the maturity of the debt, defer interest payments and waiver certain financial covenants.

These talks were launched on the basis that further financing would be coming into the business.

The firm today repeated that it was in active discussions with leading bondholders and it would provide an update ‘as appropriate’.

Shares in  London eased 5.08% to 14p each.

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