OGX Announces Issuance of Senior Unsecured Notes of USD 2.563 Billion
OREANDA-NEWS. May 30, 2011. OGX Petroleo e Gas Participacoes S.A., the Brazilian oil and gas company responsible for the largest private sector exploratory campaign in Brazil, in compliance with the Instruction of Comissao de Valores Mobiliarios (“CVM”) n.° 358 as of January 3, 2002, as amended, hereby announces its shareholders and the general public the issuance of Senior Unsecured Notes ("Notes") totaling USD 2.563 billion. The Notes issued on May 26, 2011 are due and payable by the Company on June 1, 2018 and will accrue interest at rate of 8.5% per annum, payable semi-annually, in June and December.
The Notes will be offered to qualified institutional buyers (QIBs), resident and domiciled in the United
States, in accordance with the provisions of "Rule 144A" of the Securities Act of 1933, as amended, and in other countries except the
When added to OGX’s current cash position of approximately USD 2.5 billion (as of March 31, 2011), the net proceeds from the issuance Notes provide a liquidity of approximately USD 5.063 billion, at a level which is sufficient for OGX to support the exploratory campaign and the production development of the discoveries made until the Company becomes self-funded by its own cash flow generation.
"This funding provides the necessary capital for the development of OGX's sizable discoveries that were made in an unprecedented time frame for the oil and gas sector. OGX now has the natural, financial, human and physical resources to implement its business plan”, declared Paulo Mendonca, General Executive Officer and Exploration Officer for OGX.
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