leadf
logo-loader
viewGenel Energy PLC

Genel Energy looks to raise US$300mln via bond financing

A roadshow to is planned as Genel goes for a new five-year bond

Genel Energy PLC - Genel Energy is out to raise new US$300mln bond financing

Genel Energy PLC (LON:GENL) has revealed its intention to raise up to US$300mln in debt financing, to replace an existing bond that is set to mature in December 2022.

It is looking to issue a new five-year bond and said it has engaged Pareto Securities to organise a roadshow with international credit investors.

READ: Genel results confirm its a robust low-cost oil business

Genel noted that it had over US$350mln of cash at the end of August 2020, with net cash stated at US$55mln.

“The company 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," Genel said in a statement.

In its August interim results statement, the Kurdistan-focussed oil producer highlighted its low-cost, robust business model. Net production in the six months ended June 30, 2020, averaged 32,100 barrels of oil per day (bopd), generated US$88.4mln of revenue and marked US$65.1mln of earnings (EBITDAX).

Quick facts: Genel Energy PLC

Price: 131.2 GBX

LSE:GENL
Market: LSE
Market Cap: £364.3 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Genel Energy PLC named herein, including the promotion by the Company of Genel Energy PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

FTSE falls ahead of lockdown tier rules as UK pubs and restaurants fight for...

FTSE 100 dropped in early trades as US markets retreated and Britain’s pubs and restaurants braced for the new lockdown rules. London’s blue-chip index dipped 18 to 6,373 early on.   Fuller’s, Carlsberg UK, Greene King and Mitchells and Butlers are among 50 fifty pub...

1 week, 1 day ago

2 min read