We are pleased to announce that LBC has raised €225 million through a recent US private placement (USPP) issue. Over the past decade, LBC has realized substantial growth, driven by our focus on upgrading infrastructure and expanding capacity to accommodate new products and services. This successful milestone marks a significant step forward in our strategic initiatives, bolstering our ambitions and ensuring sustained robust liquidity.
The capital raised will fund our next phase of growth and will be allocated as follows: €100 million funded on 11 December 2024, and €125 million will be funded on 21 May 2025, at no additional cost. This funding fully supports our FID projects while maintaining strong spare liquidity for additional growth.
Key highlights include the issue being oversubscribed 6.4 times in total, with initial plans to raise €175 million but upsized to €225 million due to strong demand. We attracted nine lenders, seven of which are new to the LBC credit. Pricing was also tightened inside the lower end of guidance. NAB and CA-CIB acted as joint placement agents for this issue. Latham & Watkins served as borrower's counsel, and White & Case represented the lenders.
This achievement demonstrates LBC’s access to long-term funding of our strategy and is a testament to our strong performance and credit strength. We are excited about the opportunities ahead to realize our growth ambitions and contribute to a sustainable future for all our stakeholders.