Genel Energy buys back $55.4 million callable bonds in reverse tender

By Susanna Moon

Chicago, March 23 – Genel Energy Holding Co. Ltd. said it will repurchase $55.4 million of Genel Energy Finance plc’s $730 million of GENEL01 PRO senior callable bonds under its buyback offer.

The repurchase price will be 63% of par plus accrued interest, with settlement on March 30, according to a notice by Genel Energy plc.

The company said on March 18 that it began a reverse tender offer with the repurchase price to be determined through a reverse bookbuilding.

The buyback offer ran until 11 a.m. ET on March 22.

The offer was only being made to bondholders who are not U.S. persons under Regulation S.

DNB Markets (+47 2416 9354 or genel@dnb.no) and Pareto Securities (at +47 2287 8797 or genel@paretosec.com) are the brokers.

The company previously said it planned to buy back at least $50 million principal amount of the bonds.

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

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