By Paul Deckelman
New York, May 1 - Genel Energy plc priced an upsized $500 million issue of five-year senior notes, high-yield syndicate sources said on Thursday.
The notes were priced to yield 7½%, after the offering was increased from the originally announced $400 million.
The deal is expected to settle on or around May 14.
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 toward a combination of field development costs as well as general corporate purposes.
DNB Markets and Pareto Securities were joint lead managers and bookrunners for the offering.
| Issuer: | Genel Energy plc
|
| Amount: | $500 million, upsized from $400 million
|
| Maturity: | Five years
|
| Securities: | Senior notes
|
| Bookrunners: | DNB Markets, Pareto Securities
|
| Yield: | 7½%
|
| Announcement date: | May 1
|
| Settlement date: | May 14
|
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