Pearl Petroleum, a consortium majority-owned by Dana Gas and its affiliate Crescent Petroleum, has mandated three banks for a debut US dollar-denominated bond issue, reported Reuters.
The company appointed BofA Merrill Lynch and Morgan Stanley as joint global coordinators and joint bookrunners with SHUAA Capital as co-manager for the deal planned after investor meetings in London, the US as well as UAE, Singapore and Hong Kong starting 14 October 2019.
Pearl Petroleum is a hydrocarbon producer operating in the Kurdistan Region of Iraq, where it fuels around 75 per cent of power generation.
Fitch said that the proposed bonds will have an amount of $350 million, adding that the rating was constrained by the operating environment in Iraq as well as the company’s high credit exposure to the Kurdistan regional government, which is a customer of Pearl.
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