Wednesday, December 06, 2017
Iraqi Kurdistan-focused oil producer Genel Energy plc is seeking to reduce its bond debt to $300 million from the currently outstanding $421.8 million.
Dec 6 (Reuters) – Iraqi Kurdistan-focused oil producer Genel Energy plc said on Wednesday it is seeking to reduce its bond debt to $300 million 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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