SG brief: Rex International and Lime Petroleum

An oil rig platform. Photo by Galen Crout on UnsplashAn oil rig platform. Photo by Galen Crout on Unsplash

Rex International‘s 91.65 percent-owned subsidiary Lime Petroleum may issue a new Norwegian krone-denominated senior secured bond issue with a three-year tenor, in a move to refinance the existing NOK500 million (around US$51 million) bonds maturing in January 2024, the company said in a filing to SGX Wednesday. 

The proceeds of any new bond would also be used for acquiring purposes on the Norwegian continental shelf (NCS) and for general working capital, Rex said. 

“Subject to successful placement of the new bond issue, Lime Petroleum will exercise its option to make an early repayment of the existing bonds. Lime Petroleum has concluded exclusive negotiations for an acquisition of producing assets on the NCS and further details will be announced at a later stage,” Rex said.