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Pearl Petroleum, a five-company consortium that includes two UAE oil and gas companies, Dana Gas and Crescent Petroleum, has picked DNB Markets and Pareto Securities AS as joint lead managers and bookrunners to arrange a series of fixed income investor meetings commencing Wednesday as a prelude to a potential bond issuance.
Subject to market conditions and acceptable terms, the British Virgin Islands-based company may issue a new $300 million senior secured bond issue with a tenor of 3.5 years.
Pearl Petroleum has the rights to exploit Khor Mor and Chemchemal, two of the biggest gas fields in the Kurdistan Region of Iraq (KRI).
Founded in 2009 with joint operators Dana Gas and Crescent Petroleum, Pearl’s shareholders include the OMV of Austria and MOL of Hungary, two major European energy companies, each with a 10% stake, along with RWEST of Germany, which also acquired a 10% share in the company in 2015.
(Reporting by Brinda Darasha; editing by Seban Scaria)
