IPC Successfully Completes USD 150 Million Tap Issue

September 20, 2023


IPC Successfully Completes USD 150 Million Tap Issue

September 20, 2023158.77 KB

International Petroleum Corporation ("IPC" or the "Corporation") (TSX, Nasdaq Stockholm: IPCO) announces that it has successfully completed a tap issue of USD 150 million of senior unsecured bonds under IPC’s existing 7.25% senior unsecured bonds (ISIN NO 0012423476). Following settlement of the tap issue, the amount of senior unsecured bonds outstanding will be USD 450 million, with maturity in February 2027. The bonds are rated B+ by S&P Global Ratings and B1 by Moody’s.

Settlement of these additional bonds is expected to occur on or around September 28, 2023, subject to the satisfaction of customary conditions precedent. IPC intends to make an application to list these additional bonds on the Oslo Stock Exchange. Net proceeds of the tap issue will be used for IPC’s general corporate purposes. Arctic Securities and Pareto Securities acted as Joint Lead Managers, and SpareBank 1 Markets acted as Co-Manager, in connection with the tap issue. Mike Nicholson, Chief Executive Officer of IPC comments:

“We are very pleased to have successfully completed IPC’s USD 150 million tap issue, bringing our outstanding bonds to USD 450 million. We are accessing the debt capital markets at a favourable time when our balance sheet and our production base are strong. This financing further enhances IPC’s strong liquidity position and gives us significant additional flexibility to implement our capital allocation strategies.”