Dundee Energy Limited says that Escal UGS S.L. (Escal), the owner of the Castor Project, has arranged for the issuance of euro-denominated senior secured bonds (the "Euro Bonds") totalling EUR1.40 billion.

The Euro Bonds are subject to an annual interest rate of 5.756%, payable semi-annually, and are repayable in equal semi-annual instalments over a period of 21 and a half years, with the last payment due in December 2034. The Euro Bonds will be listed on the Luxembourg stock exchange.

The Euro Bonds will be issued by a special purpose vehicle, Watercraft Capital S.A. (Watercraft), a Luxembourg corporation. The proceeds from the issuance will be subsequently on-lent to Escal, pursuant to a credit facility between Watercraft and Escal. and will be used by Escal to repay amounts owing pursuant to Escal's existing project financing.

Tags: Dundee Energy Limited