Rex International’s subsidiary, Lime Petroleum, is seeking to raise up to NOK550 million (US$51 million or $66.6 million) through the tap mechanism in its existing senior secured bond with ISIN NO0013276410.
On Oct 15, Rex announced that Lime Petroleum has engaged ABG Sundal Collier ASA as its exclusive manager to arrange fixed income investor meetings to raise the sum.
According to Rex, proceeds from the tap mechanism will be used for general corporate purposes, including development capex in the Norwegian Continental Shelf and working capital.
As at 1.26pm, shares in Rex are trading 0.4 cents lower or 3.28% down at 11.8 cents.
