Thai-focused Salamander Energy has placed an unsecured bond to raise more than £90million.
The company, which earlier this year was hit by delays following an oil spill in the Gulf of Thailand, will use the bond to refinance its existing £31 million Kerendan Bridge facility and up to £62 million of convertible bonds.
Salamander says this will simplify the company’s debt portfolio to a secured seven-year reserve based lending facility of up to £216million and the unsecured bond.
“This is the first time Salamander has entered the bond market and we are pleased with the level of support that the bond has received from investors,” said chief executive James Menzies.
“The proceeds will be used to refinance the company’s short-term debt and will provide Salamander with a robust platgorm from which to commercialise our large base of contingent resources into reserves and ultimately into continued production growth.”
Earlier this month Salamander had admitted it was looking at a new bond issue after a major oil spill in the Gulf of Thailand earlier this year saw its projects in the country delayed.
