Genel Energy is out to raise new US$300mln bond financing
It seeks to issue a new five-year bond and said it has engaged Pareto Securities to organise a roadshow with international credit investors.
Genel noted that it had over US$350mln of cash at the end of August, 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.
In 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 averaged 32,100 barrels of oil per day (bopd), generated US$88.4mln of revenue and marked US$65.1mln of earnings (EBITDAX).