GENEL ENERGY (LON:GENL) Genel Energy PLC: Intention to refinance
Transparency directive : regulatory news
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Genel Energy PLC (GENL)
11 September 2020
Genel Energy plc
Intention to refinance
Genel Energy plc ('Genel' or 'the Company') 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. 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.
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This announcement includes inside information.
Disclaimer: This announcement does not constitute an offer to sell or a solicitation of an offer to buy any securities, or an offer to sell or a solicitation of an offer to buy any securities, in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction.
This announcement is not for general publication, release or distribution in the United States or in any jurisdiction where such distribution or use would be contrary to local law or regulation or would require any registration or licensing within such jurisdiction.
Notes to editors: Genel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company is one of the largest London-listed independent hydrocarbon producers, with an asset portfolio that positions us well for a future of fewer and better natural resources projects. Genel has low-cost and low-carbon production from the Taq Taq and Tawke licences in the Kurdistan Region of Iraq, providing financial resilience that allows investment in growth and the payment of a material and sustainable dividend, even at a low oil price. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com.
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| ISIN: | JE00B55Q3P39 |
| Category Code: | MSCM |
| TIDM: | GENL |
| LEI Code: | 549300IVCJDWC3LR8F94 |
| Sequence No.: | 83914 |
| EQS News ID: | 1130185 |
| End of Announcement | EQS News Service |
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