International Petroleum Corporation Completes USD 450 Million Bond Placement

Core Viewpoint - International Petroleum Corporation (IPC) has successfully completed a private placement of USD 450 million in senior unsecured bonds, which will be used to refinance existing debt and extend the maturity of its bonds to October 2030 [1][2][4]. Group 1: Bond Details - The bonds have a tenor of five years and a fixed coupon rate of 7.50 percent per annum, with interest payable in semi-annual installments [1]. - The bond issue is expected to be rated B+ by S&P Global Ratings and B1 by Moody's [1]. - Settlement of the bonds is anticipated around October 10, 2025, subject to customary conditions [2]. Group 2: Use of Proceeds - Net proceeds from the bond issuance will be utilized to fully repay IPC's existing USD 450 million outstanding bond issue by exercising the call option [2]. Group 3: Company Performance and Strategy - IPC's President and CEO, William Lundin, highlighted the favorable conditions in the debt capital markets as a reason for refinancing, emphasizing the company's strong operational and financial performance in 2025 [4]. - The company is focused on prudent business stewardship and believes this refinancing is timely, supported by the long-life nature of its production profile and reserves [4]. - IPC is involved in the transformational Blackrod Phase 1 development project, which is on schedule and within budget [4]. Group 4: Company Overview - IPC is an international oil and gas exploration and production company with a high-quality asset portfolio located in Canada, Malaysia, and France, providing a solid foundation for growth [4]. - IPC is a member of the Lundin Group of Companies and is listed on the Toronto Stock Exchange (TSX) and Nasdaq Stockholm under the symbol "IPCO" [4].