Oil and gas company Santos Ltd
(ASX:STO) has completed a 650 million euro hybrid issue, with 100% equity credit from Standard & Poor’s.
Santos says Standard & Poor’s has confirmed that the hybrid will receive 100% equity credit.
Chief Financial Officer Peter Wasow says the hybrid issue demonstrates the company’s ability to source capital from a diverse range of sources on attractive terms.
Mr Wasow says the strong support received from offshore and domestic investors demonstrates the strength of the Santos credit.
Proceeds from the issue will be used to help fund the company’s Gladstone Liquefied Natural Gas project.
However, the company says it may look at raising further equity to fund the project if need be.
Santos half year profit to June 30, 2010 was $198 million.
