Brooge Energy LTD Subsidiary, Brooge Petroleum and Gas Investment Company FZE, Contemplating New Senior Secured Bond Issue
10 Agosto 2020 - 3:39PM
Brooge Energy Limited (“Brooge Energy” or the “Company”) (NASDAQ:
BROG), a midstream oil storage and service provider strategically
located outside the Strait of Hormuz, adjacent to the Port of
Fujairah in the United Arab Emirates (“UAE”), announced today its
wholly-owned subsidiary, Brooge Petroleum and Gas Investment
Company FZE (“BPGIC”), is pursuing the issuance of a new 5-year
senior secured bond of up to US$200 million (with potential
follow-on issuances of up to US$125 million for a maximum aggregate
amount of US$325 million) in the Nordic bond market. The Company
has retained Pareto Securities as Sole Manager to assist with the
transaction.
The net proceeds from the new bond issue are
expected to be used to repay existing debt and to fund remaining
capital expenditures for Phase II, amongst other initiatives. If
completed, this transaction would enable the Company to have a
single consolidated debt facility for both Phase I and II that the
Company believes is more reflective of its valuation of the assets
and growth profile. There is no assurance that the offering
will be completed or, if completed, as to the terms on which it is
completed.
The bonds will be offered only to qualified
institutional buyers in reliance on Rule 144A under the U.S.
Securities Act of 1933, as amended (the “Securities Act”) and,
outside the United States, only to non-U.S. investors pursuant
to Regulation S under the Securities Act. The bonds will not be
registered under the Securities Act or the securities laws of any
other jurisdiction and will not be offered or sold in the
United States absent an effective registration statement or an
applicable exemption from the registration requirements of the
Securities Act and applicable state or other jurisdictions’
securities laws.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the bonds or any
other securities, nor shall there be any offer, solicitation or
sale of the bonds or any other securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About Brooge Energy Limited
Brooge Energy, formerly known as Brooge
Holdings, conducts all of its business and operations through its
wholly-owned subsidiary Brooge Petroleum and Gas Investment Company
FZE (“BPGIC”), a Fujairah Free Zone Entity. BPGIC is a midstream
oil storage and service provider strategically located outside the
Strait of Hormuz adjacent to the Port of Fujairah in the United
Arab Emirates. BPGIC’s oil storage business differentiates itself
from competitors by providing its customers with fast order
processing times, excellent customer service and high accuracy
blending services with low oil losses. For more information please
visit www.broogeholdings.com.
Forward-Looking StatementsThis
press release contains “forward-looking statements” within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995, that involve risks and
uncertainties concerning BPGIC’s and Brooge Energy’s expected
financial performance, as well as their strategic and operational
plans. The actual results may differ materially from expectations,
estimates and projections due to a number of risks and
uncertainties and, consequently, you should not rely on these
forward looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “would,” “could,”
“should,” “believes,” “predicts,” “potential,” “continue,” and
similar expressions are intended to identify such forward-looking
statements. These risks and uncertainties include, but are not
limited to: (1) BPGIC’s ability to consummate the bond offering on
commercially reasonable terms; (2) the ultimate geographic spread,
duration and severity of the coronavirus outbreak and the
effectiveness of actions taken, or actions that may be taken, by
governmental authorities to contain the outbreak or ameliorate its
effects; (3) BPGIC’s ability to obtain financing for Phase III on
commercially reasonable terms; (4) BPGIC’s ability to negotiate and
enter into development and offtake agreements on commercially
reasonable terms; (5) the results of technical and design
feasibility studies, including the Phase III FEED study; (6) the
loss of any end-users; (7) changes in customer demand with respect
to ancillary services provided by BPGIC including throughput,
blending, heating, and intertank transfers; (8) BPGIC’s ability to
effectively manage the risks and expenses associated with the
construction of Phase II, Phase III and other growth and expansion
projects; and (9) other risks and uncertainties indicated from time
to time in filings with or submissions to the SEC by Brooge Energy.
Readers are referred to the most recent reports filed with or
furnished to the SEC by Brooge Energy. Readers are cautioned not to
place undue reliance upon any forward-looking statements, which
speak only as of the date made, and we undertake no obligation to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise.
Investor ContactKCSA Strategic
CommunicationsValter Pinto / Elizabeth Barker+1 212-896-1254 or +1
212-896-1203BROG@kcsa.com
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