Successful pricing of bond issuance
Gulf Keystone Petroleum Ltd. has successfully priced a USD 175 million, 5-year senior unsecured bond issuance at 98% of nominal value with a 10.25% coupon rate, which was oversubscribed and attracted strong international investor interest. The proceeds will fund near-term capital expenditures, support the return to development of the Shaikan Field, and cover general corporate purposes, positioning the company for production growth and a multi-year drilling program starting in 2027. Settlement is expected around November 10, 2026, with an application to list the bonds on the Euronext ABM market in Oslo.
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Gulf Keystone is pleased to announce that it has successfully completed a 5-year senior unsecured bond issue of USD 175 million with a coupon rate of 10.25 per cent per annum. The bonds will be issued at 98 per cent of nominal value.
The bond issue was oversubscribed and attracted strong interest from high-quality international investors. The purpose of the bond issue is to fund near term capex, position the Company for a return to development of the Shaikan Field and be used for general corporate purposes.
Settlement of the bond issue is expected to occur on or about 10 November 2026, subject to customary conditions precedent. An application will be made for listing of the bonds on the Euronext ABM market in Oslo.
Gabriel Papineau-Legris, Gulf Keystone’s Chief Financial Officer, said:
“The successful bond raise will provide us with the balance sheet strength and flexibility to deliver production growth from the Shaikan Field as we prepare to embark on a multi-year development and drilling programme from 2027. This new bond follows ShaMaran’s recent successful $200 million issue and, on completion of the contemplated merger, will put the combined company in a strong position to unlock the significant growth potential of its diversified asset base.”
Arctic Securities AS and DNB Carnegie, a part of DNB Bank ASA, acted as joint bookrunners, and SB1 Markets AS acted as co-manager in the transaction. Advokatfirmaet BAHR AS acted as legal counsel for Gulf Keystone and Advokatfirmaet Thommessen AS acted as legal counsel for the joint bookrunners.
Gulf Keystone’s latest Corporate Presentation, which was used on the bond roadshow to discuss GKP’s plans for future investment in the Shaikan Field, is available to view on the Company’s website:
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.