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DNO Completes $400m Bond Placement

DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new five-year senior unsecured bonds with a coupon rate of 7.875 percent.

The placement met strong investor demand across international markets and was significantly oversubscribed, leading the Company to upsize the new bond issue from USD 300 million to USD 400 million.

Settlement is expected on or about 9 September 2021, subject to customary conditions precedent, and an application will be made for listing of the new bonds on the Oslo Stock Exchange.

Net proceeds will be used towards refinancing of the DNO02 bonds (ISIN: NO0010823347) and general corporate purposes. In connection with the placement, the Company has agreed to buy back USD 154 million in nominal value of the DNO02 bonds with a call notice for the remaining DNO02 bonds and other details to be announced upon settlement of the new bond.

Pareto Securities AS acted as Global Coordinator and Joint Lead Manager together with Danske Bank and SEB as Joint Lead Managers.

(Source: DNO)

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Genel Energy issues New $300m Bond

By John Lee.

Genel Energy has successfully completed the issuance of a new $300 million senior unsecured bond with maturity in October 2025.

The new bond will have a fixed coupon of 9.25% per annum. The transaction is subject to customary closing conditions and settlement is expected to occur on or about 14 October 2020.

In connection with the issue, the Company has agreed to repurchase $223 million of its existing $300 million senior unsecured bond issue with ISIN NO 001071088.2 and maturity date in December 2022 (‘GENEL01 PRO’).

Genel has the option to call the outstanding bond amount in December 2020 at a price equal to 105% of the nominal amount.

Pareto Securities acted as bookrunner and manager for the bond issue.

(Source: Genel Energy)

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Genel Energy considers new Bond Issue

By John Lee.

Genel Energy has engaged Pareto Securities to organise a roadshow with international credit investors. The Company may, subject to market conditions and acceptable terms on the new issue, raise a new five-year bond of up to $300 million to replace the Company’s existing bond maturing in December 2022.

Genel had cash in excess of $350 million at 30 August 2020, and net cash of $55 million. Acdording to a company statesment, it “maintains a positive outlook, a strategy of maintaining a robust balance sheet through cycles, and is proactively managing its liquidity runway and debt maturity profile“.

(Source: Genel Energy)

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GKP Completes $100m Bond Issue

Gulf Keystone Petroleum Ltd., operator of the Shaikan Field in the Kurdistan Region of Iraq, has announced the successful completion of the private placement of a 5-year senior unsecured $100 million bond issue (the “New Notes”).

The New Notes will be issued at 100 percent of par and carry a 10 percent fixed semi-annual coupon. The bond placement received strong investor demand, both from existing and new investors across international markets and was oversubscribed.

The New Notes issue is expected to settle on or about 25 July 2018, subject to customary conditions precedent. An application will be made for the New Notes to be listed on an appropriate recognised exchange. The proceeds from the New Notes will be used to refinance all of Gulf Keystone’s existing $100 million Guaranteed Notes due 2021 (the “Existing Notes”).

With respect to the Existing Notes that have not tendered for exchange, the Company intends to exercise the option to redeem all of the Existing Notes then outstanding at par value according to the call option, expected to take place on 26 July 2018.

Jón Ferrier (pictured), Gulf Keystone’s Chief Executive Officer, said: 

“Following our recent announcement of the resumption of investments at the Shaikan Field to increase production to 55,000 bopd, an increase by about 70% compared to current levels, this refinancing resets the Company’s capital structure that was put in place in conjunction with the restructuring in 2016. This is another positive milestone for the company and the Kurdistan Region of Iraq.

“We also look forward to updating the market on our plans to increase production to 75,000 bopd and up to 110,000 bopd in due course.“

Sami Zouari, Gulf Keystone’s Chief Financial Officer, said:

“The refinancing confirms the substantial progress achieved by the Company. The New Notes considerably strengthen the Company’s financial capabilities as we embark on our next investment phases in the Shaikan field.”

(Source: GKP)

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GKP may issue $100m Bond

Gulf Keystone Petroleum (GKP) has mandated Pareto Securities to arrange fixed income investor meetings in conjunction with a potential bond issue.

Following these meetings, and subject to market conditions and acceptable terms, a 5-year senior unsecured bond issue of $100 million (the “New Notes”) may take place.

The proceeds from the New Notes will be used to refinance Gulf Keystone’s existing $100 million Guaranteed Notes due 2021 (the “Existing Notes”).

Subject to market conditions, offer restrictions and the successful closing of the New Notes, Gulf Keystone invites holders of the Existing Notes to offer to exchange their outstanding Existing Notes for the New Notes.

With respect to any Existing Notes not tendered for exchange, the Company intends to exercise the option to redeem all of the Existing Notes then outstanding.

(Source: GKP)

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DNO Completes $400m Bond Placement

DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new, five-year senior unsecured bonds to be issued at 100 percent of par with a coupon rate of 8.75 percent. The bond placement received strong investor demand across international markets and was oversubscribed.

The bond issue is expected to be settled on or about 31 May 2018, subject to customary conditions precedent. An application will be made for the bonds to be listed on the Oslo Stock Exchange.

In connection with the bond placement, the Company has agreed to roll over USD 200 million in nominal value of DNO01 bonds (ISIN: NO0010740392) at 103.25 percent of par plus accrued interest into the new bond. The rolled over bonds will be canceled and USD 200 million of outstanding DNO01 bonds will remain.

Net proceeds from the new bonds will be used towards refinancing the outstanding DNO01 bonds and for general corporate purposes.

Pareto Securities AS acted as lead manager and bookrunner with Danske Bank and SpareBank 1 Markets AS as co-managers and bookrunners.

(Source: DNO)

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DNO Contemplates New Bond Issue

DNO ASA, the Norwegian oil and gas company with operations in Iraqi Kurdistan, is contemplating the issuance of a new, five-year senior unsecured bond with a minimum size of USD 400 million through a private placement.

The coupon rate and the issue size will be determined during the accelerated book building commencing today.

The net proceeds from the contemplated bond issue will be used towards the refinancing of DNO’s existing DNO01 bond (ISIN NO 0010740392) and for general corporate purposes.

Existing DNO01 bondholders that participate in the contemplated new bond issue will be given the opportunity to offer part or all of their DNO01 bonds at 103.25 percent of par plus accrued interest at settlement of the contemplated new bond issue.

Pareto Securities AS is acting as lead manager and bookrunner with Danske Bank and SpareBank 1 Markets AS acting as co-managers and bookrunners.

(Source: DNO)

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Genel Shares Rise on Debt Reduction Plan

By John Lee.

Shares in Genel Energy closed the day up 5.9 percent on Wednesday, after the company’s bondholders approved its proposal to reduce the outstanding bond debt from $421.8 million to $300 million.

It will also extend maturity through amending and restating terms to a new 5 year tenor.

DNB Markets and Pareto Securities acted as managers for the refinancing.

(Source: Genel Energy)

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Genel Shares Rise on Debt Reduction Plan

By John Lee.

Shares in Genel Energy closed the day up 5.9 percent on Wednesday, after the company’s bondholders approved its proposal to reduce the outstanding bond debt from $421.8 million to $300 million.

It will also extend maturity through amending and restating terms to a new 5 year tenor.

DNB Markets and Pareto Securities acted as managers for the refinancing.

(Source: Genel Energy)

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Genel Energy attempts to Refinance Bonds

Genel Energy has announced that it has instructed the trustee for the GENEL01 bonds (ISIN: NO 001 0710 882) (‘GENEL01’ or ‘the Bonds’) to summons a bondholders’ meeting to resolve a refinancing of the existing Bonds.

The Company proposes to refinance GENEL01 through a partial early redemption and debt reduction by replacing the existing Bond Agreement with a new USD 300 million bond agreement. Bondholders holding a significant proportion of the Bonds have confirmed their commitment to vote in favour of the proposal.

In the proposal, the Company seeks to reduce its existing bond debt from the currently outstanding USD 421.8 million to USD 300 million, and at the same time extend maturity through amending and restating terms to a new 5 year bond with a coupon of 10% per annum.

Bondholders will, on a pro-rata basis, receive a partial early redemption of USD 121.8 million in cash at the prevailing call premium of 103% of par value. The remaining USD 300 million outstanding Bonds will remain outstanding with the same ISIN but with new and amended terms as set out in the term sheet described in detail in the summons for bondholders’ meeting (available at www.stamdata.com).

The bondholders meeting will be held on 20 December 2017 at 09:00 CET at the premises of Nordic Trustee AS. If approved, cash settlement and amendment of terms are expected to take place on 22 December 2017, subject to approval by the bondholders’ meeting.

The Company has mandated DNB Markets and Pareto Securities as managers for the contemplated transaction.

(Source: Genel Energy)