04/28/2021 | Press release | Distributed by Public on 04/28/2021 02:26
Tulip Oil Netherlands Offshore BV
28 of April, 2021
Successful placement of EUR 90 million senior secured bond
Following the announcement by Tulip Oil Holding B.V. ('Seller') of 12 March 2021, in connection with the sale of the entire issued and outstanding share capital of Tulip Oil Netherlands B.V. ('TON') to Kistos Plc (the 'Sale'), Tulip Oil Netherlands Offshore B.V ('TONO') is pleased to confirm that TONO, a wholly owned subsidiary of TON, has successfully secured binding commitments for a new EUR 90 million senior secured bond issue with maturity in November 2024 (the 'New TONO bond'). The New TONO Bond will have a fixed coupon of 8.75% p.a.
In addition to the New TONO Bond and conditional on completion of the Sale, TONO will issue to TOH an additional new EUR 60 million pari passu senior secured bond with maturity in May 2026 and with a fixed coupon of 9.15% p.a. (the 'Seller Bond').
The net proceeds from the New Tono Bond will be applied towards early repayment of all amounts outstanding under TONO's existing EUR 87 million bonds (which will be subject to mandatory redemption upon the completion of the Sale). The New TONO Bond and the Seller Bond will be listed on the Oslo Borse in due course.
Closing of the New TONO Bond issues and the redemption of the existing bonds will take place in the week commencing 17 May 2021 (as part of completion of the Sale).
ABG Sundal Collier ASA and Pareto Securities AS acted as Joint Lead Managers in connection with the placement of the new bond issue.
Notes to the Editor:
Tulip Oil Netherlands Offshore B.V. is a subsidiary of Tulip Oil Holding B.V., a privately-held exploration and production operator based in The Hague. The Company operates assets in both the Netherlands and in Germany and is owned by funds advised by GNRI, management and staff.
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Certain statements included in this announcement contain forward-looking information. By their nature, forward-looking statements involve uncertainty because they depend on future circumstances, and relate to events, not all of which are within Tulip Oil's control or can be predicted by Tulip Oil. Although Tulip Oil believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Actual results could differ materially from those set out in the forward-looking statements. Any forward-looking statements made herein by or on behalf of Tulip Oil speak only as of the date they are made and Tulip Oil expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.