Linc Energy has successfully raised US$200 million through the issue of senior, unsecured Convertible Bonds due in 2018 (Bonds).

Linc Energy will use the proceeds to pay down existing indebtedness at the parent level and to strengthen its balance sheet. The Bonds will support and de-risk the commercialisation of the Company's key assets and provide working capital for at least the next 3 years.

Peter Bond, Chief Executive Officer, said, 'The additional funding gives us the flexibility to accelerate the development of our energy portfolio. It allows us the option to minimise third party equity in our existing projects such as Umiat or sub salt (on-shore) drilling in Texas, or to increase our equity participation in various UCG joint ventures.

The Bonds provide us with low cost funding, which minimises the dilution for existing shareholders. I'm confident that by completing this offering the Company now has a clear pathway for developing its key assets to the next stage of operational and financial maturity.'

Tags: Linc Energy Ltd