PA Resources issues a five-year bond loan
The oil and gas company PA Resources AB has issued a five year,
un-secured bond loan of NOK 900 million (equivalent to approximately USD
161 million).
The new bond loan amounts to NOK 900 million (equivalent to
approximately USD 161 million) and is issued without security. It's a
five year bond loan with final maturity date in April 2016. The bond
loan is denominated in NOK but is converted to USD with a swap contract.
The bond loan runs with a fixed coupon rate corresponding to
approximately 10 percent based on USD.
The net proceeds from the issue will be used to repay an existing bond
loan of USD 100 million maturing in June 2011 and a bond loan of USD 70
million maturing in March 2012 as well as for general corporate
purposes. In connection with the issue, USD 55.5 million of the
outstanding bond loan maturing in 2011 and USD 65.8 million of the bond
loan maturing in 2012 have been repurchased by PA Resources.
- We have now successfully refinanced all of the Group's outstanding
bond loans maturing in the next two years, and this time without
security, unlike previous secured bonds, says Bo Askvik, President and
CEO of PA Resources AB.
Fearnley Fonds ASA and Pareto Securities AS have acted as financial
advisors in connection with the issue of the bond loan.
Stockholm, 24 March, 2011
PA Resources AB (publ)
For further information, please contact:
Nicolas Adlercreutz
CFO, PA Resources AB
Telephone: +46 70 587 44 88
E-mail:
nicolas.adlercreutz@paresources.se (nicolas.adlercreutz@paresources.se)
PA Resources AB (publ) is an international oil and gas group with the
business strategy to acquire, develop, exploit and divest oil and gas
reserves, as well as explore new findings. The Group operates in
Tunisia, Republic of Congo (Brazzaville), Equatorial Guinea, United
Kingdom, Denmark, Greenland, Netherlands and Germany. PA Resources is
one of the largest oil producers in Tunisia and is also producing oil in
the Republic of Congo. The parent company is located in Stockholm,
Sweden.
PA Resources' net sales amounted to SEK 2,227 million during 2010. The
company is listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden
(segment Mid Cap). For additional information, please visit
www.paresources.se.
The above information has been made public in accordance with the
Securities Market Act and/or the Financial Instruments Trading Act. The
information was published at 08.45 CET on 24 March 2011.
