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Sharjah-based Pearl Petroleum Company Ltd. has priced and allocated its $350 million bonds at 13% coupon rate.
The senior secured bonds have a tenor of 3.5 years and were issued at 100% of the nominal amount.
Pearl Petroleum is a five-company consortium that includes two UAE oil and gas companies, Dana Gas and Crescent Petroleum. It has the rights to exploit Khor Mor and Chemchemal, two of the biggest gas fields in the Kurdistan Region of Iraq (KRI).
Pearl will utilise the proceeds to finance development and for debt servicing. Any surplus will be used for general corporate purposes after the Khor Mor 250 expansion project is commissioned.
The bonds have make-whole call provision of first 30 month, thereafter callable at 103.64%/101.82% after 30/36 months. Then it is callable at 100.50% after 39 months until the maturity date.
DNB Markets and Pareto Securities AS were joint lead managers and bookrunners.
(Writing by Brinda Darasha; editing by Seban Scaria)
