December 20, 2017 / 9:43 AM / 9 months ago

Genel Energy bondholders approve debt reduction plan

Dec 20 (Reuters) - Genel Energy Plc’s bondholders have approved its proposal to reduce its bond debt to $300 million from the currently outstanding $421.8 million, the Iraqi Kurdistan-focused oil producer said on Wednesday.

The company proposed refinancing some of its bonds through a partial early redemption and reducing its debt by replacing the existing bond agreement with a new $300 million deal.

Genel said on Wednesday it would reduce the outstanding bond debt through an early redemption of a notional amount of $121.8 million and extend maturity through amending and restating terms to a new 5 year bond.

Shares in Genel, one of a few foreign oil companies in Iraqi Kurdistan, were up 4.6 percent at 102 pence at 0919 GMT.

DNB Markets and Pareto Securities acted as managers for the refinancing.

Reporting by Noor Zainab Hussain in Bengaluru; editing by Jason Neely

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