Genel Energy gets cash boost

Genel Energy announced that it has successfully completed the issuance of a new US$300 million senior unsecured bond with maturity in October 2025. It also received its August oil payments from the Kurdistan Regional Government in Iraq.

The new bond will have a fixed coupon of 9.25 per cent per annum and should be completed by mid-October.

Genel Energy confirmed that the new liquidity will be used to repay prior bonds, due to mature 2022. The firm agreed to repurchase $223 million of its existing $300 million senior unsecured bond issue with a maturity date of December 2022

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

The company said $4.7 million was paid to the Taq Taq field partners, giving Genel a net share of $2.6 million. Tawke field partners received $33.8 million which means that Genel received $8.2 million.