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Refinancing of GENEL01 approved
Refinancing of GENEL01 approved.
About this update from Genel Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9052Z Genel Energy PLC 20 December 2017 \n\n \n20 December 2017\n \nGenel Energy plc\n \nRefinancing of GENEL01 approved by bondholders' meeting\n \nReference is made to the press release on 6 December 2017, wherein Genel Energy plc ('the Company') announced its intention to call for a bondholders' meeting to resolve a refinancing of the existing bonds ('GENEL01' or 'the Bonds'). The bondholders' meeting was held today, in which the proposal was supported by a qualified majority and thus duly approved.\n \nWith the approved proposal, the Company will, inter alia, reduce the outstanding bond debt from USD 421.8 million to USD 300 million by way of an early redemption of a notional amount of USD 121.8 million and extend maturity through amending and restating terms to a new 5 year tenor ('the Amended Bond'). The Amended Bond will carry the same ISIN as the existing bond issue, while the existing bond agreement will be replaced with a new restated bond agreement entered into on the basis of the term sheet for the Amended Bond which is described in detail in the summons letter distributed on 6 December 2017 (available on www.stamdata.com). The listing of the Bonds will be maintained with the same ticker ('GENEL01 PRO') on the Oslo Stock Exchange's Nordic ABM market. \n \nThe record date for the amendment and partial cash redemption is 20 December 2017 and the partial cash redemption of USD 121.8 million notional is expected to settle on 22 December 2017.\n \nDNB Markets and Pareto Securities acted as managers for the refinancing. \n \n-ends-\n \nFor further information, please contact:\n \n\n\n\n\nGenel Energy\nPhil Corbett, Head of Investor Relations\nAndrew Benbow, Head of Public Relations\n\n\n+44 20 7659 5100\n\n\n\n\n \n\n\n \n\n\n\n\nDNB Markets\nFixed income sales \n\n\n+47 24 16 19 30\n\n\n\n\n \nPareto Securities\n\n\n \n+47 22 87 87 70\n\n\n\n\nFixed income sales\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nVigo Communications\n\n\n+44 20 7830 9700\n\n\n\n\nPatrick d'Ancona\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nThis announcement includes inside information.\n\n\n \n\n\n\n\n \n\n\n \nNotes to editors:\n \nGenel Energy is an independent oil and gas explorati...