Promotion of Lime Petroleum’s $60M Senior Secured Bond Kicks off

Source: www.gulfoilandgas.com 6/21/2021, Location: Europe

• Lime Petroleum’s manager of the senior secured bond issue of up to NOK 500 million (approximately US$60 million) starts promoting the transaction to prospective investors
• Lime Petroleum’s deferred tax assets and tax refund receivables will total NOK 644 million (approximately US$77 million) as at 1 January 2021 (“Tax Assets”) following the completion of the Brage acquisition
• Lime Petroleum’s Tax Assets will be used to reduce the taxable profits in the near term following the completion of the Brage acquisition
• The Tax Assets fall under the Norwegian petroleum tax refund system which serves as a strong downside protection for bondholders, as the Tax Assets are backed by the Norwegian Government
• The Brage acquisition will have a positive impact on Lime Petroleum’s revenue and EBITDA upon completion

Rex International Holding Limited wishes to announce that the promotion of Lime Petroleum AS’s (“Lime Petroleum”) 2.5-year senior secured bond of up to NOK 500 million (approximately US$60 million), a condition precedent for Lime Petroleum’s acquisition of the Brage Field in Norway, has been kicked off by financial adviser ABG Sundal Collier ASA, to prospective investors. Lime Petroleum had on 15 June 2021, entered into a conditional sale and purchase agreement to acquire 33.8434 per cent interests in the oil, gas and natural gas liquids (NGL) producing Brage field, and the five licences on the Norwegian Continental Shelf over which the Brage field straddles (“Brage Field”), for a post-tax consideration of US$42.6 million (the “Acquisition”).

Placement of the bond is possible due to the Brage Field’s production profile, cash flow generation and quality in the security package of the bond provided. The bond is secured with, inter alia, tax balances held by Lime Petroleum today and deferred tax assets related to the Brage Field upon completion of the Acquisition. Lime Petroleum’s Tax Assets will total NOK 644 million (approximately US$77 million) as at 1 January 2021, upon completion of the Acquisition. In the event of a default on the bond, any remaining Tax Assets are backed by the Norwegian Government and can be used by bond holders to partially recoup any shortfall in the bond issue.

As a result of the above, the Acquisition will have a positive impact on Lime Petroleum’s revenue and EBITDA after completion.


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