On 21 November, Faroe Petroleum successfully priced its USD 100 million inaugural bond issue. The Company received strong feedback from investors through the marketing phase and the bond was priced at a fixed coupon of 8.0%. The proceeds from the bond issue will augment the Company’s strong liquidity and support Faroe’s strong financial investment as it moves into a material growth phase over the coming years. Read more.
Faroe Petroleum is a leading independent oil and gas company quoted on the London Stock Exchange’s AIM market with a market cap of approximately USD 500 million. The Company owns more than 40 exploration, appraisal and production assets in Norway and the UK, with forecast 2017 net production of 13-15,000 boepd and a five-year growth trajectory to >40,000 boepd from its existing portfolio.
DNB Markets is proud to have acted as a Joint Lead Manager and Bookrunner and advising Faroe Petroleum in connection with this transaction.