October 11, 2019 / 3:12 PM / 2 months ago

Pearl Petroleum hires banks for debut dollar bond - document

DUBAI, Oct 11 (Reuters) - Pearl Petroleum, a consortium majority-owned by Abu Dhabi-listed Dana Gas and its affiliate Crescent Petroleum, has mandated three banks for a debut U.S. dollar-denominated bond issue, a document issued by one of the banks showed.

BofA Merrill Lynch and Morgan Stanley have been hired as joint global coordinators and joint bookrunners with SHUAA Capital as “co-manager” for the deal planned after investor meetings in London, U.S., UAE, Singapore and Hong Kong starting on Oct. 14.

Pearl Petroleum is a hydrocarbon producer operating in the Kurdistan Region of Iraq, where it fuels around 75% of power generation.

Fitch said in a note on Friday that the proposed bonds will have an amount of $350 million.

The rating agency has given the company a B-(minus) rating with a stable outlook, citing “satisfactory liquidity backed by cash held mainly in UAE banks”.

It said the rating was constrained by the operating environment in Iraq and by the company’s high credit exposure to the Kurdistan regional government, which is a customer of Pearl. (Reporting by Davide Barbuscia; Editing by Emelia Sithole-Matarise)

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