Reuters logo
Genel Energy seeks to cut bond debt to $300 million
December 6, 2017 / 8:15 AM / 9 days ago

Genel Energy seeks to cut bond debt to $300 million

(Reuters) - Iraqi Kurdistan-focused oil producer Genel Energy plc said on Wednesday it is seeking to reduce its bond debt to $300 million (223.4 million pounds) from the currently outstanding $421.8 million.

The company proposed refinancing some of its bonds through a partial early redemption and reducing its debt by replacing the existing bond agreement with a new $300 million deal.

Genel, one of a handful of foreign oil companies in Iraqi Kurdistan, is also looking to extend maturity through amending and restating terms to a new 5 year bond with a coupon of 10 percent per annum.

The company said a bondholders meeting will be held on Dec. 20 and that bondholders holding a significant proportion of the bonds have confirmed they will vote in favour of the proposal.

Reporting by Arathy S Nair in Bengaluru, editing by Louise Heavens

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below