23rd Mar 2016 09:33
LONDON (Alliance News) - Genel Energy PLC Wednesday said it plans to repurchase USD55.4 million of bonds in connection with the tender offer launched late last week to buy back senior unsecured callable bonds issued by its Genel Finance PLC unit.
The Iraq oil producer said it will purchase the bonds at a price of 63% of the value plus accrued, unpaid interest. Genel will settle the repurchases on March 30 and will hold the repurchased bonds on its balance sheet.
Genel did not hold any bonds prior to the buy-back offer.
When the offer was launched, Genel said it intended to acquire a minimum of USD50.0 million of the USD730.0 million bonds.
Genel shares were down 0.5% to 90.03 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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