Genel aims to raise $400M for field development
- Business & Finance
Genel Energy plc intends to issue $400 million in aggregate principal amount of senior unsecured bonds maturing in 2019.
The oil explorer, run by former BP CEO Tony Hayward, said it would employ net proceeds from the Bonds towards a combination of field development costs as well as general corporate purposes.
The interest rate, issue price and other terms will be determined at the time of pricing of the issue. DNB Markets and Pareto Securities have been appointed joint lead managers and bookrunners for the contemplated transaction.
Headquartered in London, Genel is the largest independent oil producer in the Kurdistan Region of Iraq, and is, through acquisitions, building a high-impact exploration portfolio within the Middle East and Africa.
Earlier this month, Genel together with White Rose Energy Ventures (“WREV”), agreed to acquire 15% working interests in Blocks 38 and 39 offshore Angola. Blocks 38 and 39 are situated in the Kwanza Basin and cover an area of c.14,000km2 in water depths of 1,500-2,500m.