ShaMaran completes exchange of bonds for 12% bonds due in 2025

By Wendy Van Sickle

Columbus, Ohio, Sept. 27 – Emerging markets-focused ShaMaran Petroleum Corp. has completed the exchange of its 12% senior bonds due 2023 (ISIN: 0010826456) for 12% bonds due 2025 (ISIN: 0011057622), according to a company news release.

All interest on the 2023 bonds was also paid in full on Monday, the company said.

The exchange followed the closing of the Sarsang acquisition, and the 2025 bonds are an addition to the 12% bonds due 2025 that were issued in July 2021. The total amount of 2025 bonds outstanding is $300 million, of which the company holds more than 10%.

ShaMaran is a Vancouver, B.C.-based oil exploration and development company focused on Kurdistan.

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