IGAS.L Regulatory News (IGAS)

14 March 2013

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN

IGas Energy plc announces arrangement of USD 165 million senior secured bond issue

IGas Energy plc ("IGas" or the "Company") is pleased to announce the arrangement of a five year, USD 165 million senior secured bond issue. The bond issue will carry a fixed interest rate of 10% p.a. and semi-annual amortisation of 2.5% of the initial loan amount. The purpose of the bond issue is to refinance the Company's existing debt and for general corporate purposes.

The new bond issue will be listed in Oslo.

The documentation governing the bond contains customary representations and warranties from the Company and covenants with continuing compliance obligations. Settlement of the bond issue and the release of funds from escrow is subject to customary terms and conditions and the taking and perfection of security arrangements.

ABG Sundal Collier Norge ASA acted as Sole Arranger and Bookrunner for the bond issue.

ENQUIRIES

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DISCLAIMER

This announcement has been issued by and is the sole responsibility of IGas Energy plc (the "Company"). This announcement is for information only and does not constitute an offer or invitation to underwrite, subscribe for or otherwise acquire or dispose of any securities or investment advice in any jurisdiction in which such an offer or solicitation is unlawful, including without limitation, the United States, the United Kingdom, Australia, Canada, South Africa or Japan. Persons needing advice should consult an independent financial adviser.

No prospectus or admission document will be made available in connection with the matters contained in this announcement.

ABG Sundal Collier Norge ASA and its affiliates including ABG Sundal Collier Partners LLP, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting for the Company and for no-one else in relation to the bond issue, and will not be responsible to any other person for providing the protections afforded to its clients nor for providing advice in connection with the matters contained in this announcement. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by ABG Sundal Collier Norge ASA or its affiliates or by any of its affiliates or agents as to or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

The distribution of this announcement and the placing of the bonds as set out in this announcement in certain jurisdictions may be restricted by law. No action has been taken by the Company, ABG Sundal Collier Norge ASA or its affiliates that would permit an offering of the bonds or possession or distribution of this announcement or any other offering or publicity material relating to the bonds in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by the Company, ABG Sundal Collier Norge ASA and its affiliates to inform themselves about, and to observe, such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is directed only at persons (i) having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) who are high net worth entities falling within Article 49(2)(a) to (d) of the Order, and other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). This announcement must not be acted or relied on in the United Kingdom by persons who are not relevant persons.

In member states of the European Economic Area ("EEA"), this announcement is only addressed to and directed at persons who are 'qualified investors' within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State) and includes any relevant implementing measure in each Relevant Member State) (the "Prospectus Directive") ("Qualified Investors"). 

This announcement is not an offer of securities for sale in the United States. The bonds may not be offered, sold or transferred, directly or indirectly, within the United States absent registration under the US Securities Act of 1933 (the "Securities Act") or an exemption therefrom. The Company has not registered and does not intend to register any of the bonds under the US Securities Act. No money, securities or other consideration is being solicited from any person inside the United States and, if sent in response to the information herein, will not be accepted. The bonds will not be sold to the public in the United States.

Any indication in this announcement of the price at which bonds have been bought or sold in the past cannot be relied upon as a guide to future performance. No statement in this announcement is intended to be a profit or production forecast and no statement in this announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.

The price of bonds and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of the bonds.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

Forward-looking Statements 

Certain statements included in this announcement contain forward-looking information concerning IGas's strategy, operations, financial performance or condition, outlook, growth opportunities or circumstances in the sectors or markets in which IGas operates. By their nature, forward-looking statements involve uncertainty because they depend on future circumstances, and relate to events, not all of which are within the Company's control or can be predicted by the Company. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Actual results could differ materially from those set out in the forward-looking statements. Nothing in this announcement should be construed as a profit forecast and no part of these results constitutes, or shall be taken to constitute, an invitation or inducement to invest in IGas, and must not be relied upon in any way in connection with any investment decision. Any forward-looking statements made herein by or on behalf of IGas speak only as of the date they are made. Except as required by the FSA, AIM or applicable law, IGas expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in IGas expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.