Business
Issue of Eurobonds and Warrants
Issue of Eurobonds and Warrants.
About this update from Coro Energy Plc
[{"type":"text","content":"\n \nRNS Number : 0926W Coro Energy PLC 12 April 2019 \n\n12 April 2019\nNot for release, publication or distribution to United States newswire services or for release, publication or dissemination in the United States and does not constitute an offer of the securities herein.\nThis press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this press release have not been, and will not be, registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws. There is no public offering of the securities in the United States expected.\nCoro Energy plc\n(\"Coro\" or the \"Company\")\nIssue of Eurobonds and Warrants \n \nCoro Energy Plc, the South East Asian focused upstream oil and gas company, announces that it has completed the issue of € 22,500,000 3-year Eurobonds with Warrants attached to key institutional investors, as previously proposed and announced by the Company on 11 February 2019.\nThe bond issue is in two equal tranches A & B, ranking pari passu, with Tranche A paying an annual cash coupon and Tranche B accruing interest payable on redemption. The Company has today issued €11.25m Tranche A Eurobonds, which pay an annual cash coupon of 5% per annum, to institutional investors including a subscription of €4.05m Tranche A Eurobonds from cornerstone institutional investor and substantial shareholder in the Company, CIP Merchant Capital Ltd (\"CIP\"). It has also issued €11.25m Tranche B Eurobonds, which accrue interest at a rate of 5% per annum payable in cash on redemption, to institutional cornerstone investor and substantial shareholder Lombard Odier Asset Management (Europe) Limited (\"Lombard\"). \nThe Eurobonds have been issued at 85% of par value, resulting in cash proceeds of €19,125,000 before commissions and expenses. The Tranche A and Tranche B Eurobonds are senior secured over the shares in the Company's operating subsidiaries holding its existing assets and the Duyung PSC. The Eurobonds mature on the 3 year anniversary at 100% of par value plus any accrued and unpaid cou...