Druces LLP, the City-based business and private wealth law firm, has closed a further $20 million bond financing for client Technology Enhanced Oil PLC. The mandatory convertible bond has been listed in Singapore and the client will use the proceeds of the issue to acquire further underperforming oil assets in North America whose economics can be improved by the use of enhanced oil recovery techniques. The bond will be consolidated with existing bonds already in issue, and brings the total raised to $80,620,000.
The Druces team was led by partner David Smith, assisted by senior associate Antony Cotton.
The Placing Agent was advised by Simmons & Simmons LLP.
This news was posted on 8 November 2017.