i3 Energy plc has settled its outstanding £22 million senior secured guaranteed loan notes, due 31 May 2023, and agreed a C$100 million loan from Trafigura Canada Ltd.
TRAFIGURA LOAN
The offshore UK and Canada-focused company said that the loan would provide “greater financial flexibility and enhanced credit capacity” for its business plan.
Part of the loan will be used to redeem the outstanding loan notes and the balance for general corporate purposes, working capital requirements, acceleration of organic growth and to fund acquisition opportunities.
The three-year deal also has a commercial contract related to i3 Energy Canada Ltd’s oil production.
The company has used an option for a C$75m advance and also has a C$25m accordion facility amount, available during the three years.
REFINANCING
“i3 Energy is very pleased to have refinanced its outstanding debt with an expanded debt facility,” said chief executive officer Majid Shafiq.
“In volatile capital market conditions, we have managed to improve our access to liquidity with a flexible and scalable debt facility and established a relationship with a very sophisticated oil and gas investor.”