ABG Sundal Collier acted as sole manager and bookrunner for the NOK 500m senior secured bond issue by Lime Petroleum

Lime Petroleum has successfully raised a NOK 500m senior secured bond issue. The net proceeds from the bond issue will partly finance the Acquisition of Repsol Norge AS’ 33.8434% participating interest in the producing Brage field offshore Norway and refinance the existing exploration financing facility. As the first of its kind, the bond includes a structure mirroring an ordinary exploration financing facility by containing a tax shelter covenant ensuring that the aggregate of 95% of the exploration tax refund and/or cash collateral must amount to at least NOK 200m. The senior secured bond issue has a coupon of 3-month Nibor plus 8.25% p.a. The transaction received strong demand and was substantially over-subscribed following a three-day virtual roadshow and bookbuilding period.