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3R Petroleum (RRRP3) issues US$500 million in senior secured notes, with a coupon rate of 9,750% per year.
The purchase of Polo Potiguar by 3R Petroleum (RRRP3) was a strategic milestone celebrated by the market a year ago. The company priced the issuance of US$500 million in senior secured notes, with a coupon rate of 9,750% per year and maturity in 2031. The operation, carried out by the subsidiary 3R Lux, will be used to refinance the debt acquired in the financing for the acquisition of Polo Potiguar. The notes will have personal and real guarantees, including receivables from oil and gas off-take contracts and subsidiary shares. The settlement of the issue is scheduled for February 05 nd.
3R Petroleum (RRRP3) closed the purchase of Polo Potiguar from Petrobras (PETR4) for US$1,38 billion, after obtaining a US$500 million loan led by Morgan Stanley Senior Funding. Obtaining the license from Ibama to operate the Potiguar assets was a celebrated victory, boosting the company's shares by more than 10%. The incorporation of Potiguar was a major risk event for 3R Petroleum, which allowed a revaluation of the share value and will greatly increase cash flow visibility in the future. The payment to Petrobras was made with credit approved by the consortium of banks led by Morgan Stanley a year earlier.
3R Petroleum and the operation at the Potiguar Complex
3R Petroleum, also known by its stock code RRRP3, announced a relevant fact about its operation at the Potiguar Complex. The company acquired the net resources of Polo Potiguar from Petrobras, thus guaranteeing its position as operator with the completion of the transaction.
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With the end of the acquisition of liquid resources, 3R Petroleum now has the responsibility to assume the indebtedness associated with the assets of Polo Potiguar, including personal and real guarantees. This guarantees the agreement with Petrobras and reinforces 3R Petroleum's commitment to maintaining the operation and investments in the Potiguar Complex.
Furthermore, the company obtained the license to operate activities at Polo Potiguar and is ready to make payments related to the acquisition of assets. 3R Petroleum is committed to ensuring the success of the agreement by aligning itself with corporate governance practices in the energy sector.
The acquisition of the liquid resources of Polo Potiguar by 3R Petroleum also brings benefits to the visibility of the company's cash flow, reinforcing its position in the energy assets market. This material fact also impacts the value of 3R Petroleum's shares, strengthening investors' confidence in the company.
Source: moneytimes
