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