International Petroleum Corporation Successfully Completes USD 150 Million Tap Issue
September 20 2023 - 2:00AM
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.”
International Petroleum Corp. (IPC) is an
international oil and gas exploration and production company with a
high quality portfolio of assets located in Canada, Malaysia and
France, providing a solid foundation for organic and inorganic
growth. IPC is a member of the Lundin Group of Companies. IPC is
incorporated in Canada and IPC’s shares are listed on the Toronto
Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the
symbol "IPCO".
For further information, please contact:
Rebecca GordonVP Corporate Planning and Investor
Relationsrebecca.gordon@international-petroleum.comTel: +41 22 595
10 50 |
Or |
Robert ErikssonMedia Managerreriksson@rive6.chTel: +46 701 11 26
15 |
The information was submitted for publication, through the
contact persons set out above, at 08:00 CET on September 20,
2023.
Forward-Looking Statements This
press release contains statements and information which constitute
"forward-looking statements" or "forward-looking information"
(within the meaning of applicable securities legislation). Such
statements and information (together, "forward-looking statements")
relate to future events, including the Corporation's future
performance, business prospects or opportunities. Actual results
may differ materially from those expressed or implied by
forward-looking statements. The forward-looking statements
contained in this press release are expressly qualified by this
cautionary statement. Forward-looking statements speak only as of
the date of this press release, unless otherwise indicated. IPC
does not intend, and does not assume any obligation, to update
these forward-looking statements, except as required by applicable
laws.
All statements other than statements of
historical fact may be forward-looking statements. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, forecasts, guidance,
budgets, objectives, assumptions or future events or performance
(often, but not always, using words or phrases such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "project", “forecast”, "predict", "potential", "targeting",
"intend", "could", "might", "should", "believe", "budget" and
similar expressions) are not statements of historical fact and may
be "forward-looking statements". Forward-looking statements
include, but are not limited to, statements with respect to: the
settlement of the tap issue, the listing of the bonds on the Oslo
Stock Exchange, the credit rating of the bonds, and the use of
proceeds of the tap issue.
The forward-looking statements are based on
certain key expectations and assumptions made by IPC, including
expectations and assumptions concerning: prevailing commodity
prices and currency exchange rates; applicable royalty rates and
tax laws; interest rates; future well production rates and reserve
and contingent resource volumes; operating costs; the timing of
receipt of regulatory approvals; the performance of existing wells;
the success obtained in drilling new wells; anticipated timing and
results of capital expenditures; the sufficiency of budgeted
capital expenditures in carrying out planned activities; the
timing, location and extent of future drilling operations; the
successful completion of acquisitions and dispositions; the
benefits of acquisitions; the state of the economy and the
exploration and production business in the jurisdictions in which
IPC operates and globally; the availability and cost of financing,
labour and services; and the ability to market crude oil, natural
gas and natural gas liquids successfully.
Although IPC believes that the expectations and
assumptions on which such forward-looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because IPC can give no assurances that
they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number
of factors and risks. These include, but are not limited to: the
risks associated with the oil and gas industry in general such as
operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of
estimates and projections relating to reserves, resources,
production, revenues, costs and expenses; health, safety and
environmental risks; commodity price fluctuations; interest rate
and exchange rate fluctuations; marketing and transportation; loss
of markets; environmental risks; competition; incorrect assessment
of the value of acquisitions; failure to complete or realize the
anticipated benefits of acquisitions or dispositions; the ability
to access sufficient capital from internal and external sources;
failure to obtain required regulatory and other approvals; and
changes in legislation, including but not limited to tax laws,
royalties and environmental regulations. Readers are cautioned that
the foregoing list of factors is not exhaustive.
Additional information on these and other
factors that could affect IPC, or its operations or financial
results, are included in the management's discussion and analysis
(MD&A) for the three and six months ended June 30, 2023 (See
"Cautionary Statement Regarding Forward-Looking Information" “Risks
and Uncertainties” and “Reserves and Resources Advisory” therein),
the Corporation's Annual Information Form (AIF) for the year ended
December 31, 2022 (See "Cautionary Statement Regarding Forward-
Looking Information", "Reserves and Resources Advisory" and " Risk
Factors" therein) and other reports on file with applicable
securities regulatory authorities, including previous financial
reports, management’s discussion and analysis and material change
reports, which may be accessed through the SEDAR+ website
(www.sedarplus.ca) or IPC's website
(www.international-petroleum.com).
CurrencyAll dollar amounts in
this press release are expressed in United States dollars, except
where otherwise noted. References herein to USD mean United States
dollars. References herein to CAD mean Canadian dollars.
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