logo-loader
viewIGas Energy Plc

New Debt Facility Signed

/**/ ol{margin-bottom:0cm;}ul{margin-bottom:0cm;} .x{size:595.3pt 841.9pt;margin:72.0pt 72.0pt 72.0pt 72.0pt;}div.x{}p.ak{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:11.0pt;margin-right:0cm;margin-bottom:11.0pt; margin-left:0cm;text-align:justify}span.al{font-size:11.0pt; font-family:"Calibri","sans-serif";color:black}p.a,li.a,div.a{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";}p.am{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";line-height: normal; margin-bottom: 0cm; text-align: center}p.an{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; text-align: center}p.ao{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-bottom:6.0pt;text-align:justify;line-height: normal}p.ap{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-div: italic; line-height: normal; margin-bottom: 6.0pt; text-align: justify}p.aq{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; line-height: normal; margin-bottom: 6.0pt} p.ar{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-bottom:6.0pt;line-height:normal}p.as{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-bottom:0cm;margin-bottom:.0001pt;line-height: normal}p.at{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";margin-bottom:0cm;margin-bottom:.0001pt;text-align: justify;line-height:normal}p.au{margin-top:0cm;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;line-height:107%;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; line-height: normal; margin-bottom: 0cm} /**/
RNS Number : 5916O
Igas Energy PLC
03 October 2019
 

THE INFORMATION COMMUNICATED IN THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AND UPON PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

3 October 2019

IGas Energy plc (AIM: IGAS)

("IGas" or "the Company")

 

New Debt Facility Signed

IGas announces that it has signed a US$40 million senior secured Reserve-Based Lending Facility ("RBL") with BMO Capital Markets ("BMO").

In addition to the committed US$40 million RBL, a further US$20 million accordion facility is available on an uncommitted basis, subject to new bank commitments. The RBL has a five year term, an interest rate of LIBOR plus 4.0% and matures in September 2024.

The Company has also exercised its call option and issued a redemption notice with respect to all outstanding bonds ("Secured Bonds") pursuant to the 10 per cent. IGas Energy PLC Senior Secured Callable Bond Issue 2013/2018 - ISIN NO 001 0673791. The Secured Bonds will be redeemed at par value (100%) plus accrued interest on the redeemed amount up until, but not including, the settlement date of the call option on 19 November 2019.

The proceeds from the new RBL will be used to repay the Secured Bonds, fund development opportunities in the conventional portfolio and for general corporate purposes.

The new RBL has been underwritten and arranged by BMO. Rothschild & Co. acted as financial adviser to the Company and Pinsent Masons LLP were the Company's legal adviser. Herbert Smith Freehills LLP acted for BMO.

Commenting Stephen Bowler, Chief Executive Officer, said:

"We are extremely pleased to announce that we have signed a $40 million RBL facility with BMO. The facility reduces our overall cost of debt and provides the financial flexibility for continued investment into our conventional portfolio to grow our production over the coming years."

 

For further information please contact:

IGas Energy plc                                                                               Tel: +44 (0)20 7993 9899

Stephen Bowler, Chief Executive Officer

Julian Tedder, Chief Financial Officer

Ann-marie Wilkinson, Director of Corporate Affairs

 

Investec Bank plc (NOMAD and Joint Corporate Broker)     Tel: +44 (0)20 7597 5970

Sara Hale/Jeremy Ellis/Neil Coleman

 

Canaccord Genuity (Joint Corporate Broker)                          Tel: +44 (0)20 7523 8000

Henry Fitzgerald-O'Connor/James Asensio

 

Vigo Communications                                                                 Tel: +44 (0)20 7390 0230

Patrick d'Ancona/Chris McMahon 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
MSCEAFEAEAKNFAF

Quick facts: IGas Energy Plc

Price: 33

Market: AIM
Market Cap: £40.38 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

IGas is a 'diverse business with lots of opportunities' says CEO Bowler

Onshore UK focused IGas’s (LON:IGAS) production currently is 850,000 barrels per year, but that is dwarfed by its shale acreage in the East Midlands. This compares favourably with major shale plays in the US, says Bowler, who believes the reserves are sufficient to provide all the UK’s gas...

4 weeks, 1 day ago

RNS

Second Price Monitoring Extn

15 hours, 27 minutes ago

Price Monitoring Extension

15 hours, 33 minutes ago

Holding(s) in Company

2 weeks, 2 days ago

Joint Broker Appointment

2 weeks, 2 days ago

Board Change

on 11/10/19