Independent Oil & Gas  E+9.5% 20 Sep 2024

Business Description

Independent Oil & Gas (IOG) owns six gas fields in the North Sea, with reserves totalling c.412 billion cubic feet of natural gas. Since being established in 2011, IOG has been exploring the North Sea, uncovering and acquiring reserves to build it's gas portfolio.

In 2019, the company successfully issued a €100m eurobond and secured a partnership with Warren Buffet's Berkshire Hathaway Energy Management to begin developing it's gas fields with first gas (production) expected by July 2021.

IOG also owns the Thames Pipeline which will be used to export the entire gas portfolio (from reserve to sale). IOG estimates that ownership of the pipeline will save the company £200m+ over the lifetime of its gas fields.

Bond Information

Coupon

E+9.5%

Coupon Type

Floating

Maturity Date

20 Sep 2024

Next Interest Payment

20 Dec 2019

Interest Period

3 months

ISIN

NO0010863236

Asset Security

Senior Secured

Amount

€100,000,000

Ratings

Unrated

Call Schedule

20 Sep 2022 at 104.75
20 Mar 2023 at 103.8
20 Sep 2023 at 102.85
20 Mar 2024 at 100.5

Status

Payments on time

* Current Yield and Yield to Maturity are on estimated return calculations and not guaranteed. All yields shown are gross of Taxation and our Service Fee.

Company Information

Company Legal Name

Independent Oil & Gas plc

Industry

Energy, Utilities & Infrastructure

Country of Origin

UK

Year of Incorporation

2011

Ownership Status

Public Limited Company

Capital Structure

Senior Debt 20%

Equity 80%

Cash

-1.2%

Senior Notes (combined)

6.2%

Content Liabilities

12.0%

Net Debt

17.0%

Equity

83.0%

Enterprise Value

100.0%

EDITDA

£883,000,000

Cash interest

£226,400,000

* An asterisk next to an item indicates there is additional information available if you hover over it. You can also find a definition of the terms used on this page in our Glossary.

Cash & Loans are proforma £17m of loan repayments following planned use of proceeds from €100m bond issuance.

Key Financials

Revenues

11,607

Growth %

38.1%

EDITDA

1,681

Margin %

14.5%

Cash balance

3,067

Source: Public Company information

Reports & Information

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

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