(MENAFN- ProactiveInvestors - UK) Pareto Securities, working on behalf of a client, revealed it is seeking to acquire IGas Energy Plc''s (LON:IGAS) listed debt.
The investor, which was not named but was described as ''not affiliated'' with IGas, wants to make an offer to holders of the group''s US$165mln senior callable bonds.
As such Pareto intends to carry out a reverse book-build process, which will determine a single offer price to bondholders. It is to opening the book today, and intends to close the process on July 1.
''Pareto together with the client will determine the purchase price and consequently the total amount of bonds to be purchased,'' the broker said in a statement.
In Oslo, where they are listed, the IGas bonds were earlier today priced at 59 pence in the pound. The bonds carry a 10% coupon, and are due to mature in March 2018.
IGas Energy last week released a corporate update in which it, among other points, told investors that it was actively seeking to strengthen its balance sheet. It also revealed it had begun talks with its leading bondholders with a view to extending the maturity of the debt, defer interest payments and waiver certain financial covenants.
These talks were launched on the basis that further financing would be coming into the business.
IGas, in today''s statement, repeated that it was in active discussions with leading bondholders and it would provide an update ''as appropriate''.
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