Friday 13 September 2024, Seacrest Petroleo announced the successful completion of its USD 29 million subordinated convertible bond. The bonds will be issued in two tranches, with the issuance of second tranche subject to satisfaction of certain conditions precedent. Both tranches were oversubscribed. This is the 5th capital markets transaction that ABG Sundal Collier has successfully completed for the company since 2022.
The net proceeds from the bond issue will be used to further strengthen the company’s balance sheet, satisfy conditions for the leverage ratio covenant waivers agreed by the Group’s lenders and bondholders, and enable the company to continue growing production through drilling, workovers and other field development optimisation at the Norte Capixaba and Cricare Clusters, as well as for general corporate purposes.
