i3 Energy PLC Settlement of Loan Notes and New Loan Facility (1644B)
31 Mayo 2023 - 3:13AM
UK Regulatory
TIDMI3E
RNS Number : 1644B
i3 Energy PLC
31 May 2023
31 May 2023
i3 Energy plc
("i3", "i3 Energy", or the "Company")
Settlement of Outstanding Loan Notes and Establishment of New
CAD100 Million Loan Facility
i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas
company with assets and operations in the UK and Canada, is pleased
to announce the successful settlement of the Company's outstanding
GBP22 million Senior Secured Guaranteed Loan Notes (the "Loan
Notes"), due May 31(st) , 2023, and the establishment of a CAD100
million loan facility, which will provide i3 greater financial
flexibility and enhanced credit capacity to further execute its
ongoing business plan.
The Company and i3 Energy Canada Ltd. have signed agreements
with Trafigura Canada Ltd., a subsidiary of Trafigura Pte Ltd., a
market leader in the global commodities industry, for a CAD100
million loan facility (the "Facility") and an associated commercial
contract related to i3 Energy Canada Ltd.'s oil production. The
Facility has a three-year term, with interest payable monthly at
9.521% per annum, calculated on the outstanding portion of the
loan. The Facility carries no penalty if repaid early and amortises
monthly on a straight-line basis, which aligns with the Company's
conservative approach to debt management. Advances under the
Facility can be repaid either with cash or by way of set-off
against deliveries of crude oil under the commercial contract which
has a minimum term of three years. The documentation establishing
the Facility includes the option for a CAD75 million advance which
has been fully drawn by the Company and a CAD25 million accordion
facility amount, which can be made available during the Facility's
three-year term. The Facility is secured by a first lien against
substantially all the assets and shares of i3 Energy Canada Ltd.,
permitting maximum financing flexibility for the rest of the
Company's international portfolio. The Company will utilize a
portion of proceeds from the initial advance to redeem the
outstanding Loan Notes. The balance of the proceeds will be
available for general corporate purposes of the Company and of i3
Energy Canada Ltd., including working capital requirements,
acceleration of organic growth (from i3's proven portfolio of
development drilling locations) and to fund accretive acquisition
opportunities.
Carlingford, a division of GFI Securities Limited, acted as
financial advisor and Norton Rose Fulbright Canada LLP and Burness
Paull LLP acted as legal counsel to i3 in relation to the
refinancing.
Majid Shafiq, CEO of i3 Energy plc, commented:
"i3 Energy is very pleased to have refinanced its outstanding
debt with an expanded debt facility. In volatile capital market
conditions, we have managed to improve our access to liquidity with
a flexible and scalable debt facility and established a
relationship with a very sophisticated oil and gas investor. It is
a very positive validation of our business model and asset
portfolio, and we look forward to a mutually beneficial
relationship with Trafigura as both companies continue to expand
their operations in Canada".
Iain Singer, Head of Trafigura Canada, commented:
"Trafigura's business in Canada has grown materially in the last
few years. One of our objectives is to continue to think locally
while leveraging off our global platform. We continue to expand our
support to a select number of companies in the oil and gas upstream
sector, in Canada and across the world. We are pleased to execute
this commercial agreement with i3 Energy and look forward to
working together to grow our business relationship over the coming
years."
Enquiries:
i3 Energy plc c/o Camarco
Majid Shafiq (CEO) Tel: +44 (0) 203 781 8331
WH Ireland Limited (Nomad
and Joint Broker) Tel: +44 (0) 207 220 1666
James Joyce, Darshan Patel
Tennyson Securities (Joint
Broker) Tel: +44 (0) 207 186 9030
Peter Krens
Stifel Nicolaus Europe Limited
(Joint Broker) Tel: +44 (0) 20 7710 7600
Ashton Clanfield, Callum Stewart
Camarco
Georgia Edmonds, Violet Wilson, Tel: +44 (0) 203 781 8331
Sam Morris
Notes to Editors:
i3 Energy is an oil and gas Company with a low cost,
diversified, growing production base in Canada's most prolific
hydrocarbon region, the Western Canadian Sedimentary Basin and
appraisal assets in the North Sea with significant upside.
The Company is well positioned to deliver future growth through
the optimisation of its existing 100% owned asset base and the
acquisition of long life, low decline conventional production
assets.
i3 is dedicated to responsible corporate practices and the
environment, and places high value on adhering to strong
Environmental, Social and Governance ("ESG") practices. i3 is proud
of its performance to date as a responsible steward of the
environment, people, and capital management. The Company is
committed to maintaining an ESG strategy, which has broader
implications for long-term value creation, as these benefits extend
beyond regulatory requirements.
i3 Energy is listed on the AIM market of the London Stock
Exchange under the symbol I3E and on the Toronto Stock Exchange
under the symbol ITE. For further information on i3 Energy please
visit https://i3.energy/ .
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
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END
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