Today's Edition
ALETIHAD (SHARJAH)
Dana Gas PJSC and Crescent Petroleum, joint operators of the Pearl Petroleum Consortium, on Wednesday announced the successful placement of a $500 million senior secured bond by Pearl Petroleum Company Limited, at a fixed coupon of 10.375% per annum, maturing in November 2031.
The transaction attracted strong international institutional demand, with the issue 1.7 times subscribed, drawing participation from investors across the United States, United Kingdom, Europe, Middle East, and Asia.
The successful placement was achieved despite elevated global bond yields, persistent inflation concerns and regional geopolitical situation, reflecting international investor confidence in Pearl Petroleum’s established operations and long-term growth prospects.
CEO of Crescent Petroleum and Board Managing Director of Dana Gas, Majid Jafar, said," This successful bond placement demonstrates international confidence in Pearl Petroleum and in the future of Iraq’s natural gas sector. With KM250 completed, we remain committed to the development of Khor Mor and Chemchemal fields, strengthening energy security and energy supply for millions, and supporting Iraq’s economic growth."
CEO of Dana Gas, Richard Hall, said, "Raising $500 million in today’s challenging global financing environment is an excellent result. The level of demand allowed us to increase the issue size and has given Pearl Petroleum the funding flexibility to refinance its existing bond and pursue its next phase of growth for the benefit of the people of Iraq.”
The proceeds will be used to refinance Pearl Petroleum’s existing $350 million senior secured bond, fund the required debt service reserve arrangements, support further development at Khor Mor and Chemchemal, and for general corporate purposes.
