Xcite raises $140M through senior secured bonds and new shares

Xcite Energy

Xcite Energy, a heavy-oil appraisal and development company focused on the development of discovered resources in the UK North Sea, has raised US$140 million through the placing of senior secured bonds issued by its 100% UK subsidiary Xcite Energy Resources Ltd. and a private placement of shares in the company to new investors.

The net proceeds from the bond issue and the private placement of shares will be used to refinance the US$ 80 million, 12.5% unsecured loan notes, due Dec. 25, plus accrued interest and related obligations, to service interest payments under the bonds, to fund the Bentley field development work program through this year, prior to submission of the field development plan, and for general corporate purposes.

Pareto Securities has acted as the sole manager and bookrunner of the bond issue.

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