Gasol plc, the West African energy development company, is pleased to announce that it has executed a multi-tranche, unsecured bond instrument (the "Bond"). The Bond has an interest rate (after making any applicable deduction on account of withholding taxes) of 10 per cent per annum and a maturity of 3 years. Interest is payable twice yearly.
The Board is also pleased to announce that the first Bond tranche of US$20 million has been placed with institutional investors. The Bond has a maximum issue size of US$100 million and any subsequent tranches will be subject to investor appetite.
The net proceeds from the initial tranche of the Bond will be used to support initial development work and scoping studies for the development of the Company's Liquefied Natural Gas (LNG) Import Project, which is to be situated in Benin, West Africa. The intention will be to supply gas into the 678km West African Gas Pipeline for delivery to customers in Benin, Togo and Ghana, where significant gas shortages exist.
Alan Buxton, Chief Operating Officer at Gasol, commented: "It is a very strong endorsement of the Company's business strategy that we are able to raise this level of funds in a tight credit market and receive this support from the institutional investment community. Gasol is well funded and positioned to move ahead with its outlined strategy."
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