24th Apr 2015 14:40
LONDON (Alliance News) - Genel Energy PLC Friday said Nordic Trustee ASA has issued a Summons to Bondholders' Meeting for holders of the GENEL01 PRO bonds to seek approval of merging them with the new US USD230 million bonds.
In March, the oil and gas company said it had priced its USD230 million senior unsecured bond issue on the same commercial terms as its existing GENEL01 PRO US USD500 million bond. Genel said the settlement date for the new bonds was April 9, adding it was planning to call a bondholder meeting over the existing GENEL01 PRO bond, at which it would seek approval for a merger of the two bond issues into one enlarged bond with a combined amount of USD730 million listed on the Nordic ABM.
On Friday, Genel said Nordic Trustee has summoned a meeting to seek approval for the merging of the two bonds on May 11.
"The US USD230 million bonds were issued under the same commercial terms as GENEL01 PRO, with the merger expected to improve the overall liquidity of both bonds," it said in a statement.
Genel shares were down 0.7% to 603.50 pence per share on Friday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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