Genel Energy to buy $252.8 million of 7½% senior bonds at up to 89.9

New York, April 7 – Genel Energy Holding Co. Ltd. said it will buy $252.8 million of its 7½% Genel01 PRO senior callable bonds in the previously announced reverse tender offer, accepting securities tendered at up to 89.9% of par.

The weighted average price of accepted bonds will be 85.56% of par, according to a company announcement.

Holders will also receive accrued interest on any bonds purchased.

All purchased bonds will be canceled along with $55.4 million that are held in treasury.

Genel announced the reverse tender on March 30, saying it intended to buy back at least $50 million of the bonds.

The buyback offer ended at 10 a.m. ET on April 6.

The offer is being conducted under Regulation S.

DNB Markets (+47 2416 9354) is the broker managing the offer.

Genel Energy is a London-based oil and gas exploration and production company operating in the Kurdistan region of Iraq.

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