May 2, 2018 / 6:53 AM / a year ago

Neptune Energy increases bond offering to $550 mln

OSLO, May 2 (Reuters) -

* Neptune Energy Bondco plc, a wholly-owned subsidiary of oil producer Neptune Energy Group Limited, announced on May 1 it has priced its offering of 6 5/8 pct senior notes (the “Offering”) in an aggregate principal amount of $550 million (the “Notes”)

* The size of the offering has been increased from $500 million, indicated at launch on 23 April, to $550 million

* Interest will be payable semi-annually. The Offering is expected to close on or about 11 May 2018, subject to customary conditions precedent for similar transactions

* The Company intends to use the gross proceeds of the Offering to partially repay (without cancelling) drawn commitments under the group’s reserves-based lending facility and pay the costs, fees and expenses related to the Offering

* Neptune completed the acquisition of the exploration and production business of the ENGIE group in February 2018, and is now active across the North Sea, North Africa and Asia Pacific. The business had production of 154,000 net barrels of oil equivalent per day in 2017

* The Company is backed by funds advised by three investors, CIC, The Carlyle Group and CVC Capital Partners

Source text: here

Reporting By Ole Petter Skonnord

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