December 6, 2017 / 8:15 AM / a year 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

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