ABG Sundal Collier acted as Joint Manager and Bookrunner in connection with a EUR 90 million senior secured bond issue and a EUR 60 million senior secured bond issue by Tulip Oil Netherlands Offshore B.V.

Tulip Oil Netherlands Offshore B.V. (“TONO”), to be renamed Kistos NL2 B.V., announced on Wednesday 28 April 2021 the successful issue of senior secured bonds for a total amount of EUR 90 million with a 3.5 year tenor (the “2024 Bonds”). In addition, a EUR 60 million senior secured bonds with a 5 year tenor (“2026 Bonds”) will be issued in connection with Kistos plc acquiring Tulip Oil Netherlands B.V., the parent company of TONO. The 2024 Bonds and 2026 Bonds carry fixed coupon rates of 8.75% p.a. and 9.15% p.a., respectively.
Kistos plc has signed an SPA to acquire 100% of the share capital in Tulip Oil Netherlands B.V. (“TON”), the parent company of TONO. The transaction is expected to close in May 2021 with effective date 1 January 2021 for a headline consideration of EUR 222.75 million and an additional contingent consideration of up to EUR 163 million. The proceeds from the 2024 Bonds will be used to refinance TONO’s outstanding EUR 87 million bond, while the 2026 Bonds will be used as partial payment to the sellers of TONO. The bonds will constitute the only external interest-bearing debt of TONO.