First Calgary Petroleums is to issue a $267m convertible bond to finance the development of its Algerian gas project, Menzel Ledjet Est in the Berkine basin region.
The bond issue is one of the first stages of raising funding for the project, which will later include a tranche of commercial bank project finance. Total capital expenditure for the project is $1.3bn.
The bond matures in 2012. First Calgary was advised on the issue by JP Morgan and Canaccord Adams.
The gas project is a joint venture with Algeria’s state-owned energy company Sonatrach.
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