Ithaca'a Proposed Senior Unsecured Notes Offer

June 23, 2014

World Energy Reports LLC.

 

Ithaca Energy Inc. announced that it intends to offer $300 million in aggregate principal amount of senior unsecured notes due 2019 (the "Notes"). 

The Notes, the net proceeds of which will be used to partially repay (without cancelling) the Company’s senior secured reserves based lending (“RBL”) facility, will be senior obligations of the Company and will rank pari passu with all present and future senior unsecured indebtedness of the Company. 

Following the Notes offering, the Company intends to draw amounts under the RBL facility to finance the acquisition of Summit Petroleum Limited, which is expected to close, subject to regulatory approvals and customary closing conditions, during the third quarter of 2014.  The guarantees of the Notes by certain subsidiaries of the Company will be subordinated to the obligations of the Guarantors under the Company's RBL facility and corporate facility.
 

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Related company: » Ithaca Energy