PetroTal Announces Completion of $100M Senior Secured Bond Issue

Source: www.gulfoilandgas.com 2/17/2021, Location: North America

PetroTal Corp. has announced that on February 16, 2021 it completed the issuance of the US$100 million issue of senior secured bonds, previously announced on February 2, 2021. The new bond issue will be PetroTal’s only interest bearing debt and will be used to retire the existing derivative liability with Petroperu, continue development of the Bretana oil field, support the Company’s crude oil price hedging strategy, and finance potential acquisitions. Details of the 2021 capital budget will be released on February 18, 2021.

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

Douglas Urch, Chief Financial Officer, commented:

“We are pleased to finalize this inaugural US$100 million bond issue for PetroTal. This funding supports the ongoing development of the Bretana oil field, building on the success achieved to date, and that is expected to achieve production of 20,000 barrels of oil per day during H2 2022. The confidence shown by the bond investors supplements the existing equity investment of our shareholders.”


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