News and Announcements
Linc Energy Announces Closing and Pricing of USD265 Million Senior Notes Offering
- Published October 15, 2012 5:13AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Linc Energy Ltd (ASX:LNC) (OTCQX:LNCGY) today announced that on 12 October 2012 (9am US EST/11pm Australian EST) it closed its previously announced private offering of an aggregate principal amount of USD265 million senior secured notes due in 2017 (the “Notes”).
The Notes, which were oversubscribed, were issues by the Company’s wholly-owned subsidiaries Linc USA GP and Linc Energy Finance (USA), Inc. (the “Issuers”), will bear interest at 12.5% per annum, are due in October 2017 and will have an issue price of 96.402% of their face amount, resulting in net proceeds of approximately USD255.5 Million before fees. The net proceeds will be used to fund capital expenditures, repay existing debt and for general corporate purposed. The notes contain no equity component, are secured by the Company’s US Oil & Gas assets and are fully non-recourse to Linc Energy Ltd.
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