PetroTal Announces Successful USD100 million Bond Issue

Source: www.gulfoilandgas.com 2/2/2021, Location: North America

PetroTal Corp has successfully completed the placement of a 3-year US$100 million senior secured bond (as announced on January 12, 2021) with a fixed coupon of 12% and a borrowing limit of $125 million.

PetroTal intends to use the net proceeds from the Bond to repay all existing outstanding loans (in particular the restructured derivative liability with Petroperu, details of which were announced on January 19, 2021), to finance the continued development of the Bretana oil field, to provide support for crude oil hedging transactions, and to finance potential acquisitions.

The Bond is expected to close on or about February 16, 2021, subject to customary closing conditions.

Pareto Securities acted as sole bookrunner and manager of the bond issue.

Manuel Pablo Zuniga-Pflucker, President and Chief Executive Officer, commented:

'PetroTal is pleased with the investor interest in this $100 million inaugural bond offering. This financing significantly enhances PetroTalís liquidity and will immediately lead to a return to development activity at the Bretana oil field, with the next well expected to commence drilling by the end of Q1 2021. Additionally, the bond offering provides PetroTal with capital that enables us to pursue synergistic and accretive transactions to diversify the Companyís operations. As promised to our shareholders, all this will allow PetroTal to exit this pandemic crisis stronger than before.'


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