Mime Petroleum talks $225 million five-year secured notes with 10¼% coupon at 97-97.5

By Paul A. Harris

Portland, Ore., Oct. 27 – Mime Petroleum AS talked its $225 million offering of five-year senior secured notes with a 10¼% coupon, to be issued at a discount in the range of 97 to 97.5, according to market sources.

The deal could price as early as Wednesday.

ABG Sundal Collier ASA, DNB Markets and Pareto Securities AS are the joint lead managers.

The notes come with 2.5 years of call protection.

The Oslo-based hydrocarbon development and production company plans to use the proceeds to refinance its outstanding reserve-based lending facility and its NOK 300 million MIME01 PRO bonds in full, as well as to finance capital expenditures related to the Balder Future redevelopment.

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