Genel Energy bondholders approve merger of new issue into existing

New York, May 12 – Genel Energy plc said it received the requested consents to merge $230 million of new bonds into its existing Genel01 Pro bond issue.

Holders of the Genel01 Pro bonds gave approval at a meeting held on May 11.

The company announced the solicitation on April 24 after indicating it would seek approval when it priced a $230 million private placement on March 26.

The $230 million of bonds were issued under the same commercial terms as the Genel01 Pro bonds. The merger is expected to improve the overall liquidity of both bonds, the company said.

Genel Energy is a London-based oil and natural gas exploration and production company.

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