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Genel Energy sees cash boost as it completes US$300mln bond issue and receives August oil payments

Some US$223mln of the bond proceeds will be used to repay prior bonds, due to mature 2022

Genel Energy PLC - Genel Energy sees cash boost as it completes US$300mln bond issue and receives August oil payments

Genel Energy PLC (LON:GENL) has confirmed a flush of liquidity, receiving US$10.8mln from oil sales and completing a US$300mln bond issue.

Pareto Securities was bookrunner and manager for the bond issue which sees Genel issuing senior unsecured bonds, carrying a 9.25% coupon and maturity set for October 2025.

Genel also confirmed it will use US$223mln to repurpose existing unsecured bonds, due December 2022.

READ: Genel releases inaugural sustainability report

A separate statement by Genel confirmed receipt of payment from the Kurdistan Regional Government for oil sales conducted this August.

Some US$4.7mln was paid to the Taq Taq field partners, giving Genel a net share of US$2.6mln. Tawke field partners received US$33.8mln which means that Genel received US$8.2mln.

In its financial results statement in early August, the company noted that talks continue over the recovery of some US$121mln receivable due from the Kurdistan Regional Government for past oil sales.

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

August’s interim results also highlighted a 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: 132.6 GBX

LSE:GENL
Market: LSE
Market Cap: £368.19 m
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