U.K.'s Genel Energy to sell $400 million five-year notes

By Paul Deckelman

New York, April 25 - Genel Energy plc plans to sell a $400 million issue of five-year senior notes, high yield syndicate sources said on Friday.

The London-based oil and natural gas exploration and production company - which operates in the Middle East and Africa, claiming to be the largest independent oil producer in the Kurdistan Region of Iraq - plans to use the net proceeds of the offering towards a combination of field development costs as well as general corporate purposes.

DNB Markets and Pareto Securities have been appointed joint lead managers and bookrunners for the offering.

Information on the expected timing of the deal and other details about its structure were not immediately disclosed.

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