International Petroleum closes $450M (U.S.) offering

Executive Summary

• International Petroleum Corp. completed a private placement of $450 million USD in senior unsecured bonds with a five-year tenor and a 7.50% fixed coupon.
• The net proceeds will be used to fully repay the company's existing $450 million USD bond issue via a call option.
• The bonds are expected to be rated B+ by S&P and B1 by Moody's, with settlement anticipated around October 10, 2025, and a listing application to the Oslo Stock Exchange.

Key Details

• Transaction Amount: $450 million (U.S.)
• Instrument: Senior unsecured bonds
• Tenor: Five years
• Coupon Rate: 7.50% per annum, fixed
• Interest Payments: Semi-annual instalments
• Credit Ratings: Expected B+ by S&P Global Ratings and B1 by Moody's
• Settlement Date: On or around October 10, 2025 (subject to customary conditions precedent)
• Use of Proceeds: To fully repay existing $450 million (U.S.) outstanding bond issue (ISIN 001242 34 7 6) utilizing the call option
• Listing: IPC intends to apply to list the bonds on the Oslo Stock Exchange
• Advisors:
  • Global Co-ordinators/Joint Bookrunners: Arctic Securities and Pareto Securities
  • Joint Bookrunner: Clarksons Securities
  • Co-manager: SB1 Markets

Notable Quotes

• "We are pleased to have taken advantage of favourable conditions in the debt capital markets to refinance our existing bonds. As part of IPC's prudent approach to business stewardship, we believe that this was an opportune time for IPC to refinance and extend the maturity of our bonds to October, 2030, supported by the long-life nature of IPC's production profile and reserves. IPC has been performing very well operationally and financially in 2025 across all of our areas of operations, including the transformational Blackrod phase 1 development project, which remains on schedule and on budget." — William Lundin, President and CEO