By Paul A. Harris
St. Louis, May 30 - Petrolia Drilling ASA has issued NOK 500 million of 12% bonds due in June 2012, according to a press release from the company.
The issue was oversubscribed and saw interest from both Norwegian and international institutional bond investors, the release added.
Pareto Securities AS managed the deal.
Proceeds will be used to fund the early redemption of the company's existing PDR03 bond, of which NOK 250 million is outstanding, according to prevailing call options, and for general corporate purposes, which may include investments in other companies and/or assets within the oil/offshore sector.
The bond issue is subject to finalized loan documentation and approval of loan documentation by the trustee, Norsk Tillitsmann ASA, and early redemption notice sent to the trustee for the outstanding NOK 250 million bond issue.
Petrolia Drilling is a Norwegian publicly listed limited company that owns and charters drilling vessels for offshore, deepwater oil and gas exploration and development drilling. Its headquarters is located in Oslo.
| Issuer: | Petrolia Drilling ASA
|
| Amount: | NOK 500 million
|
| Maturity: | June 2012
|
| Security description: | Bond
|
| Manager: | Pareto Securities AS
|
| Coupon: | 12%
|
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