SeaBird Exploration Plc Explores Opportunities in the Norwegian Bond Market; Issues Q1 2013 Revenue Guidance and Q1 2013 EBITDA Guidance in Line with Analysts' Estimates
SeaBird Exploration Plc announced that the Company has mandated ABG Sundal Collier Norge ASA, Fearnley Securities AS and Pareto Securities AS to explore opportunities for the Company to issue a secured bond in the Norwegian bond market. The proceeds from any potential new bond issue would be used to refinance the existing USD 87.8 million SBX03 bond and for general corporate purposes. A new bond issue as described would be subject to redemption of SBX03. The Company has received approval from a sufficient majority of the SBX03 investors to ensure early redemption of SBX03 at a price of par. Additionally, the Company announced that for Q1 2013 it expects to report revenues in the range of USD 45 million and USD 50 million, and EBITDA above USD 10 million, including operating and upgrading costs associated with the delivery of Geo Pacific. According to I/B/E/S Estimates, analysts on average are expecting the Company to report revenue of USD 47.60 million and EBITDA of USD 12.20 million for Q1 2013.
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