Ithaca Energy issues contingent call for $300 million of 8 1/8% notes

By Susanna Moon

Chicago, May 8 – Ithaca Energy Inc. issued a conditional redemption notice for its $300 million principal amount of 8 1/8% senior notes due 2019.

The notes will be redeemed on July 1 at par plus accrued interest to but excluding the redemption date and any additional amount, according to the notice.

The redemption is conditioned on the issuer securing the needed funds to redeem the notes, the notice said.

Deutsche Bank Trust Co. Americas (fax 732 578-4635) is the principal paying agent, and Deutsche Bank AG, London Branch is the London paying agent.

The company said it plans to redeem its senior notes due 2019, to repay debt and to repay drawdowns under its reserves-based lending facility using proceeds of a new issue.

The company’s wholly owned subsidiary Ithaca Energy (North Sea) plc plans to price $350 million principal amount of senior notes due 2023, according to a press release.

Ithaca Energy is an Aberdeen, Scotland-based oil and gas exploration, development and production company.

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