Category: Pareto Securities

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DNO Completes $400m Bond Placement

DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new five-year senior unsecured bonds with a coupon rate of 7.875 percent.

The placement met strong investor demand across international markets and was significantly oversubscribed, leading the Company to upsize the new bond issue from USD 300 million to USD 400 million.

Settlement is expected on or about 9 September 2021, subject to customary conditions precedent, and an application will be made for listing of the new bonds on the Oslo Stock Exchange.

Net proceeds will be used towards refinancing of the DNO02 bonds (ISIN: NO0010823347) and general corporate purposes. In connection with the placement, the Company has agreed to buy back USD 154 million in nominal value of the DNO02 bonds with a call notice for the remaining DNO02 bonds and other details to be announced upon settlement of the new bond.

Pareto Securities AS acted as Global Coordinator and Joint Lead Manager together with Danske Bank and SEB as Joint Lead Managers.

(Source: DNO)

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Genel Energy issues New $300m Bond

By John Lee.

Genel Energy has successfully completed the issuance of a new $300 million senior unsecured bond with maturity in October 2025.

The new bond will have a fixed coupon of 9.25% per annum. The transaction is subject to customary closing conditions and settlement is expected to occur on or about 14 October 2020.

In connection with the issue, the Company has agreed to repurchase $223 million of its existing $300 million senior unsecured bond issue with ISIN NO 001071088.2 and maturity date in December 2022 (‘GENEL01 PRO’).

Genel has the option to call the outstanding bond amount in December 2020 at a price equal to 105% of the nominal amount.

Pareto Securities acted as bookrunner and manager for the bond issue.

(Source: Genel Energy)

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Genel Energy considers new Bond Issue

By John Lee.

Genel Energy has engaged Pareto Securities to organise a roadshow with international credit investors. The Company may, subject to market conditions and acceptable terms on the new issue, raise a new five-year bond of up to $300 million to replace the Company’s existing bond maturing in December 2022.

Genel had cash in excess of $350 million at 30 August 2020, and net cash of $55 million. Acdording to a company statesment, it “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“.

(Source: Genel Energy)

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DNO Completes $400m Bond Placement

DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new, five-year senior unsecured bonds with a coupon rate of 8.375 percent.

The bond placement received strong investor demand across international markets and was oversubscribed.

The bond issue is expected to be settled on or about 29 May 2019, subject to customary conditions precedent.

An application will be made for the bonds to be listed on the Oslo Stock Exchange. In connection with the bond placement, the Company has agreed to buy back USD 60 million in nominal value of DNO01 bonds (ISIN NO 0010740392) at 104.16 percent of par plus accrued interest and USD 10 million in nominal value of FAPE01 bonds originally issued by Faroe Petroleum plc in 2017 (ISIN NO 0010811268) at 107.50 percent of par plus accrued interest.

In addition to partial refinancing of the DNO01 and FAPE01 bonds, net proceeds from the new bond issue will be used for general corporate purposes.

Danske Bank and Pareto Securities AS acted as joint lead managers and bookrunners with SpareBank 1 Markets AS as co-manager and bookrunner.

(Source: DNO)

(Picture: Bonds, from Alexskopje/Shutterstock)

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GKP may issue $100m Bond

Gulf Keystone Petroleum (GKP) has mandated Pareto Securities to arrange fixed income investor meetings in conjunction with a potential bond issue.

Following these meetings, and subject to market conditions and acceptable terms, a 5-year senior unsecured bond issue of $100 million (the “New Notes”) may take place.

The proceeds from the New Notes will be used to refinance Gulf Keystone’s existing $100 million Guaranteed Notes due 2021 (the “Existing Notes”).

Subject to market conditions, offer restrictions and the successful closing of the New Notes, Gulf Keystone invites holders of the Existing Notes to offer to exchange their outstanding Existing Notes for the New Notes.

With respect to any Existing Notes not tendered for exchange, the Company intends to exercise the option to redeem all of the Existing Notes then outstanding.

(Source: GKP)

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Genel Shares Rise on Debt Reduction Plan

By John Lee.

Shares in Genel Energy closed the day up 5.9 percent on Wednesday, after the company’s bondholders approved its proposal to reduce the outstanding bond debt from $421.8 million to $300 million.

It will also extend maturity through amending and restating terms to a new 5 year tenor.

DNB Markets and Pareto Securities acted as managers for the refinancing.

(Source: Genel Energy)