Genel Shores Up Balance Sheet

摘要

Iraqi Kurdistan - focused independent Genel Energy has completed a $230 million bond sale, with Chinese conglomerate Fosun as a lead investor, to shore up its balance sheet while payments for exported crude remain irregular ( PIW Mar.2'15 ). The bonds were sold at a market price in line with Genel's existing $500 million note, which is currently trading at 87.25 pence, with a yield to maturity of 11.5%. The debt is on the same terms, maturing on May 14, 2019, and with a coupon of 7.5%. The bond issue takes the group's average cost of debt to around 8.7%, it said.