LONDON (Alliance News) - Xcite Energy Ltd Monday said that it has closed non-brokered private placements of 12.5% unsecured loan notes for a total amount of USD80 million.
The oil appraisal and development company, which operates in the North Sea, said that the net proceeds of the private placements will be used to repay its outstanding 14% unsecured loan notes, which are due Tuesday and are currently valued at approximately USD72 million. It said that the balance of the proceeds will be used for general corporate purposes.
Share in Xcite energy were down 1.4% at 96.15 pence per share Monday afternoon.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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