AIM-listed Serica Energy has announced the successful completion of a placement of $300 million of new five-year senior unsecured bonds with a coupon rate of 7.875% per annum. The bond placement met strong investor demand across international markets and was significantly oversubscribed by a wide range of high-quality investors across the Nordics, UK, and other geographies.
Settlement of the bond issue is expected to occur on or about 12 May 2026, subject to customary conditions precedent. An application will be made for the bonds to be listed on the Euronext ABM market in Oslo. Net proceeds from the bond issue will be used towards repayment in full of the outstanding Reserve Based Lending ('RBL') drawn debt and enhanced liquidity for the Company. The RBL, which will be refinanced later this year, will remain in place to provide Serica with the flexibility to take advantage of value accretive investment opportunities as they arise – both within the portfolio and via M&A. Pro forma for the bond, the Company’s current liquidity is around $675 million.
DNB Carnegie, a part of DNB Bank ASA, and Pareto Securities AS acted as Joint Bookrunners for the bond issue, with SB1 Markets as Co-Manager.
Chris Cox, Serica's CEO, stated: 'We are delighted that demand from investors for the bond was so strong, allowing us to price on attractive terms and reflecting the compelling fundamentals of our credit and equity story and financial prospects. With our balance sheet now further strengthened, and our sources of financing diversified, we have optimised our ability to take full advantage of the material opportunities ahead. We look forward to our Capital Markets Day on 2 June, when we will be briefing investors on those opportunities within our expanding portfolio.'
Source: Serica Energy
