Xcite Energy raises $140 million in placement; North West places $70 million of notes

By Lisa Kerner

Charlotte, N.C., June 16 – Xcite Energy Ltd. announced it raised a total of $140 million through the issuance of senior secured bonds and new shares.

Proceeds will be used to refinance $80 million of 12.5% unsecured loan notes due Dec. 25, 2014, to fund the Bentley field development work program and for general corporate purposes, according to a company news release.

The two-year senior secured bonds were issued through U.K. subsidiary Xcite Energy Resources Ltd. at 90% of par.

The coupon is 12% in cash and 3% in kind or in cash.

Pareto Securities was the manager and bookrunner.

Subscribers for the bonds subscribed for 11,616,875 shares at a price of 68.5p per share, or about $13.5 million. One subscriber subscribed for an additional 4,302,546 shares at a price of 68.5p per share, or about $5 million.

Xcite Energy is an oil exploration and development company based in Tortola, Virgin Islands.

North West Co. Inc. completed a private placement of $55 million of 3.27% senior notes and $15 million of floating-rate senior notes. Both tranches mature on June 16, 2021.

Proceeds were used to refinance the company’s $70 million 6.55% senior notes that matured on June 15, according to a company news release.

Winnipeg, Man. -based North West is a retailer of food and everyday products and services.

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