International Petroleum Corporation Achieves Major Bond Financing Success
International Petroleum Corporation Achieves Remarkable Bond Placement
International Petroleum Corporation (IPC) has made headlines by successfully completing a private placement of USD 450 million in senior unsecured bonds. This significant financial maneuver reflects IPC's strategic approach to optimizing its capital structure and ensuring continued growth in the oil and gas sector. The bonds issued come with a five-year maturity and a competitive fixed coupon rate of 7.50 percent per annum, allowing the company to enhance its financial flexibility.
Details of the Bond Offering
The settlement of these bonds is anticipated to occur around mid-October of the current year, pending the fulfillment of customary conditions. IPC is also looking to list these bonds on the Oslo Stock Exchange, a step that may enhance their visibility and tradability in capital markets. The net proceeds from this bond placement are earmarked for the repayment of an existing USD 450 million bond issue, demonstrating IPC's commitment to maintaining a sound financial foundation.
Strategic Leadership Insights
William Lundin, President and CEO of IPC, expressed enthusiasm about this development. He stated, “We are pleased to have taken advantage of favourable conditions in the debt capital markets to refinance our existing bonds. This refinancing consolidates our commitment to prudent business management and positions IPC for extended success.” Lundin emphasized that this strategic move is not only about refinancing but also extending the maturity of their bonds to October 2030, supported by IPC's robust operational performance and promising production profile.
Focus on Operational Excellence
IPC's operational efficiency remains a focal point as it continues to excel financially and operationally across various areas, including the notable Blackrod Phase 1 development project. This project is proceeding on schedule and within budget, representing a critical aspect of IPC's growth strategy. With high-quality assets located across Canada, Malaysia, and France, IPC positions itself for sustainable organic and inorganic growth opportunities for the future.
Corporate Overview
International Petroleum Corporation is renowned for its international reach in oil and gas exploration and production. As part of the Lundin Group of Companies, IPC boasts a diverse portfolio that offers a solid foundation for ongoing growth. The company's commitment to operational excellence and strategic growth initiatives continues to enhance its market position.
Contact Information
For inquiries, investors can reach out to:
Rebecca Gordon, SVP Corporate Planning and Investor Relations,
Email: rebecca.gordon@international-petroleum.com,
Phone: +41 22 595 10 50
Or,
Robert Eriksson, Media Manager,
Email: reriksson@rive6.ch,
Phone: +46 701 11 26 15
Frequently Asked Questions
What is the value of the bond placement completed by IPC?
IPC successfully completed a private placement of USD 450 million of senior unsecured bonds.
What is the maturity period for the newly issued bonds?
The newly issued bonds have a maturity period of five years, expiring in October 2030.
What are the expected uses of the proceeds from the bond placement?
The net proceeds will be utilized to fully repay an existing USD 450 million bond issue.
Which financial institutions were involved in this bond placement?
Arctic Securities and Pareto Securities served as Global Coordinators while Clarksons Securities acted as Joint Bookrunner.
How does IPC plan to enhance its visibility in capital markets?
IPC intends to apply for a listing of the bonds on the Oslo Stock Exchange to increase their visibility and trading opportunities in the market.
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