Kosmos Energy (KOS): 2026 and 2027 debt maturities

This situation live

KOS Kosmos Energy

£1,191m · 205.5p · +70% since the first step

3 Nov 2025 · $150m of 2026 notes redeemed; $100m left · −28% until the next step The remaining $100 million of outstanding 2026 notes is planned to be repaid in advance of the maturity date from the undrawn portion of the Term Facility in the first quarter of 2026.

5 Jan 2026 · Redemption notice issued; $100m term draw; 2027 refinancing planned · −4% until the next step A borrowing notice was submitted on January 2, 2026, for a $100 million draw on the second tranche of the Company's Gulf of America Term Facility.

12 Jan 2026 · Nordic bond launched; 2027 notes tender offer · +99% until the next step intends to offer, subject to market conditions and other factors, $350 million aggregate principal amount of senior secured bonds in the Nordic bond market.

20 Feb 2026 · $350m Nordic bond completed; $100m RBL repaid · +4% until the next step Kosmos used $100 million to repay borrowings under the Reserve Base Lending (RBL) facility with the remainder to be used to repurchase Kosmos' 2027 senior unsecured notes.

25 Feb 2026 · Disposal proceeds earmarked for RBL repayment · +8% until the next step Proceeds will be used to reduce borrowings outstanding under the reserves-based lending (RBL) credit facility.

2 Mar 2026 · 2026 notes redeemed; RBL covenant eased · −15% until the next step In February 2026, our RBL lenders approved an amended debt cover ratio calculation for the RBL, to increase the ratio for the next two scheduled financial test dates to account for higher start-up ope

11 Mar 2026 · Equity raise priced to repay debt · +53% until the next step Kosmos intends to use the net proceeds from this offering to repay outstanding borrowings under its commercial debt facility and repayment of additional outstanding debt.

5 May 2026 · Equity raised; debt reduction target raised to ~20% · −16% until the next step In March, Kosmos successfully raised approximately $200 million of equity with the proceeds used to accelerate debt repayment.

17 Jun 2026 · EG sale proceeds to repay RBL · −13% until the next step The transaction proceeds will be used to repay borrowings under the Company's reserves-based lending (RBL) credit facility.

6 Jul 2026 · Net debt down; RBL refinancing talks due · +19% until the next step Liquidity at quarter end was in excess of $500 million and discussions with our bank group are expected to begin shortly to re-finance and extend the maturity of the reserve-based lending facility.

3 Aug 2026 · RBL refinancing under way, targeted Q4 · +7% since The process to re-finance the facility with our lending banks has now commenced, targeting completion by the fourth quarter.

Balance-sheet stress / refinancing

2026 and 2027 debt maturities

RBL refinancing under way, targeted Q4

Next: RBL refinancing completion targeted

Every step · 11

3 Nov 2025 $150m of 2026 notes redeemed; $100m left – The remaining $100 million of outstanding 2026 notes is planned to be repaid in advance of the maturity date from the undrawn portion of the Term Facility... ↗
5 Jan 2026 Redemption notice issued; $100m term draw; 2027 refinancing planned – A borrowing notice was submitted on January 2, 2026, for a $100 million draw on the second tranche of the Company's Gulf of America Term Facility. ↗
12 Jan 2026 Nordic bond launched; 2027 notes tender offer – intends to offer, subject to market conditions and other factors, $350 million aggregate principal amount of senior secured bonds in the Nordic bond market. ↗
20 Feb 2026 $350m Nordic bond completed; $100m RBL repaid – Kosmos used $100 million to repay borrowings under the Reserve Base Lending (RBL) facility with the remainder to be used to repurchase Kosmos' 2027 senior... ↗
25 Feb 2026 Disposal proceeds earmarked for RBL repayment – Proceeds will be used to reduce borrowings outstanding under the reserves-based lending (RBL) credit facility. ↗
2 Mar 2026 2026 notes redeemed; RBL covenant eased – In February 2026, our RBL lenders approved an amended debt cover ratio calculation for the RBL, to increase the ratio for the next two scheduled financial... ↗
11 Mar 2026 Equity raise priced to repay debt – Kosmos intends to use the net proceeds from this offering to repay outstanding borrowings under its commercial debt facility and repayment of additional... ↗
5 May 2026 Equity raised; debt reduction target raised to ~20% – In March, Kosmos successfully raised approximately $200 million of equity with the proceeds used to accelerate debt repayment. ↗
17 Jun 2026 EG sale proceeds to repay RBL – The transaction proceeds will be used to repay borrowings under the Company's reserves-based lending (RBL) credit facility. ↗
6 Jul 2026 Net debt down; RBL refinancing talks due – Liquidity at quarter end was in excess of $500 million and discussions with our bank group are expected to begin shortly to re-finance and extend the... ↗
3 Aug 2026 RBL refinancing under way, targeted Q4 – The process to re-finance the facility with our lending banks has now commenced, targeting completion by the fourth quarter. ↗

What is happening

Kosmos Energy: 2026 and 2027 debt maturities – RBL refinancing under way, targeted Q4. ['RBL refinancing under way, targeted Q4']

In short: Since Nov 2025 Kosmos has refinanced near-term maturities, eased RBL covenants and raised ~$200m of equity in March 2026. The EG sale completed on 16 Jun 2026. With Q2 results on 3 Aug 2026 it reported net debt of ~$2.56bn, said RBL refinancing has begun with completion targeted by Q4, and added 2027 hedges. The ~20% debt reduction target stands.
Announced: 3 Nov 2025 · $150m of 2026 notes redeemed; $100m left
Latest: 3 Aug 2026 · RBL refinancing under way, targeted Q4
Equity raise: ~$200m raised in March 2026; proceeds used to accelerate debt repayment
Liquidity: Over $500m at end Q2 2026
Borrowing base: ~$1.2bn after the EG sale completed in June 2026
Hedging: 3.25m bbl for rest of 2026 (~$66 floor); 7.0m bbl in 2027 (~$67 floor, ~$84 ceiling)
EG proceeds: ~$127m final cash, used to repay RBL borrowings
Target: ~20% net debt reduction for 2026; good progress stated
Guidance: Full year guidance updated for the EG disposal with Q2 results in August 2026
Next milestone: RBL refinancing commenced; completion targeted by Q4 2026

What comes next

RBL refinancing completion targeted.

From the company's own announcements. Not investment advice.

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Also at Kosmos Energy 2 open

Project milestonesGTA Phase 1 ramp-up – J76 and J77 online; J50 imminent Capital returnTender offer and return of capital – proposed Disposal of a part (break-up)Equatorial Guinea asset sale – Completed 16 June 2026; announced 17 June · closed Kosmos Energy – company page →