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$REX INTERNATIONAL HOLDING LTD(5WH.SI)$

Recently, 

Rex international posted an announcement regarding their subscription of bonds. Money is entering but will they be able to continue their production?

Lime Petroleum’s US$96.7 million senior secured bond fully subscribed

SINGAPORE, 29 June 2022 – Rex International Holding Limited (“Rex International Holding”, “Rex”

or the “Company”, and together with its subsidiaries, the “Group”) is pleased to announce that its

91.65 per cent subsidiary Lime Petroleum AS (“Lime Petroleum”) has successfully raised a three-year

senior secured bond issue of NOK 950 million (approximately US$96.7 million) (the “Bond Issue” or

the “Bonds”). The purpose of the new Bond Issue is refinancing of the existing NOK 500 million

(approximately US$51 million) senior secured bonds with maturity in January 2024 (ISIN

NO0011037343) and for Lime Petroleum’s acquisition purposes on the Norwegian Continental Shelf

(“NCS”), as well as general working capital purposes.

The issue date of the Bonds is expected to be 5 July 2022, with maturity date on 7 July 2025. The

coupon rate will be 3 months NIBOR* plus 9.25 per cent. The Bonds will be issued at 97 per cent of

the nominal amount. The Bonds are targeted to be listed on the Oslo Børs within 6 months.

Mr Lars Hubert, Chief Executive Officer of Lime Petroleum, said, “We are gratified that the Bonds

attracted strong interest and take-up rate despite current market volatility. The completion of the

bond issue allows us to forge ahead with our second acquisition of producing assets on the Norwegian

Continental Shelf. We are excited to build on our reserves base and operating capabilities as we drive

to unlock further value in our growing port