Gulf Keystone Petroleum Ltd. Completes USD 100 million bond issue (8722T)
06 July 2018 - 7:58PM
UK Regulatory
TIDMGKP
RNS Number : 8722T
Gulf Keystone Petroleum Ltd.
06 July 2018
6 July 2018
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Completes USD 100 million bond issue
Gulf Keystone Petroleum Ltd., operator of the Shaikan Field in
the Kurdistan Region of Iraq, is pleased to announce the successful
completion of the private placement of a 5-year senior unsecured
$100 million bond issue (the "New Notes"). The New Notes will be
issued at 100 percent of par and carry a 10 percent fixed
semi-annual coupon. The bond placement received strong investor
demand, both from existing and new investors across international
markets and was oversubscribed.
The New Notes issue is expected to settle on or about 25 July
2018, subject to customary conditions precedent. An application
will be made for the New Notes to be listed on an appropriate
recognised exchange. The proceeds from the New Notes will be used
to refinance all of Gulf Keystone's existing $100 million
Guaranteed Notes due 2021 (the "Existing Notes").
With respect to the Existing Notes that have not tendered for
exchange, the Company intends to exercise the option to redeem all
of the Existing Notes then outstanding at par value according to
the call option, expected to take place on 26 July 2018.
Jón Ferrier, Gulf Keystone's Chief Executive Officer, said:
"Following our recent announcement of the resumption of
investments at the Shaikan Field to increase production to 55,000
bopd, an increase by about 70% compared to current levels, this
refinancing resets the Company's capital structure that was put in
place in conjunction with the restructuring in 2016. This is
another positive milestone for the company and the Kurdistan Region
of Iraq.
We also look forward to updating the market on our plans to
increase production to 75,000 bopd and up to 110,000 bopd in due
course."
Sami Zouari, Gulf Keystone's Chief Financial Officer, said:
"The refinancing confirms the substantial progress achieved by
the Company. The New Notes considerably strengthen the Company's
financial capabilities as we embark on our next investment phases
in the Shaikan field."
Pareto Securities acted as sole manager for the bond issue.
Enquiries:
Gulf Keystone Petroleum: +44 (0) 20 7514 1400
Jón Ferrier, CEO
Sami Zouari, CFO
Pareto Securities +47 22 87 87 71
Inge Edvardsen
Celicourt Communications: +44 (0) 20 7520 9266
Mark Antelme
Jimmy Lea
or visit: www.gulfkeystone.com
Notes to Editors:
Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent
operator and producer in the Kurdistan Region of Iraq and the
operator of the Shaikan field with current production capacity of
40,000 barrels of oil per day.
Further information on Gulf Keystone is available on its website
www.gulfkeystone.com
Disclaimer
This announcement contains certain forward-looking statements
that are subject to the risks and uncertainties associated with the
oil & gas exploration and production business. These statements
are made by the Company and its Directors in good faith based on
the information available to them up to the time of their approval
of this announcement but such statements should be treated with
caution due to inherent risks and uncertainties, including both
economic and business factors and/or factors beyond the Company's
control or within the Company's control where, for example, the
Company decides on a change of plan or strategy. This announcement
has been prepared solely to provide additional information to
shareholders to assess the Group's strategies and the potential for
those strategies to succeed. This announcement should not be relied
on by any other party or for any other purpose.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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