IPC Fixed Income Update
March 16, 2023
International Petroleum Corporation (“IPC” or the “Corporation”) (TSX, Nasdaq Stockholm: IPCO) announces that IPC has decided not to proceed with the previously announced potential tap issue under the outstanding USD 300 million 7.25% senior unsecured bonds (ISIN NO 0012423476).
Mike Nicholson, IPC’s Chief Executive Officer, comments: “Given the recent volatility in the markets, we have taken the decision not to proceed with a tap issue under our existing USD 300 million bonds. IPC remains in a very strong financial position, reporting net and gross cash positions of MUSD 175 and MUSD 487 respectively at the end of 2022 and continuing to produce significant positive cash flows from our operations in 2023.”