GeoPark Announces Proposed Offering of Senior Notes
GeoPark (NYSE: GPRK) has announced its intention to offer senior notes in a private placement to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act. The company plans to use the proceeds for multiple purposes:
1. To purchase any and all of its outstanding 5.500% notes due 2027
2. To repay up to $152.0 million of outstanding prepayments under an offtake and prepayment agreement
3. Any remaining funds will be used for general corporate purposes, including capital expenditures
The timing and terms of the Notes offering will depend on market conditions. The Notes will not be registered under the Securities Act and will only be offered to qualified institutional buyers and non-U.S. persons.
GeoPark (NYSE: GPRK) ha annunciato la sua intenzione di offrire note senior in un collocamento privato a investitori istituzionali qualificati ai sensi della Regola 144A e a soggetti non statunitensi ai sensi del Regolamento S del Securities Act. La società prevede di utilizzare i proventi per diversi scopi:
1. Acquistare tutte le sue note in circolazione al 5.500% in scadenza nel 2027
2. Rimborsare fino a 152,0 milioni di dollari di prepagamenti in sospeso ai sensi di un accordo di off-take e prepagamento
3. Eventuali fondi residui saranno destinati a scopi aziendali generali, compresi gli investimenti in capitale
Il momento e i termini dell'offerta delle note dipenderanno dalle condizioni di mercato. Le note non saranno registrate ai sensi del Securities Act e saranno offerte solo a investitori istituzionali qualificati e a soggetti non statunitensi.
GeoPark (NYSE: GPRK) ha anunciado su intención de ofrecer notas senior en una colocación privada a compradores institucionales calificados bajo la Regla 144A y a personas no estadounidenses bajo el Reglamento S de la Ley de Valores. La empresa planea utilizar los ingresos para múltiples propósitos:
1. Adquirir todas y cada una de sus notas pendientes con un interés del 5.500% que vencen en 2027
2. Reembolsar hasta 152.0 millones de dólares de pagos anticipados pendientes bajo un acuerdo de compra anticipada
3. Los fondos restantes se destinarán a fines corporativos generales, incluidos los gastos de capital
El momento y los términos de la oferta de las notas dependerán de las condiciones del mercado. Las notas no estarán registradas bajo la Ley de Valores y solo se ofrecerán a compradores institucionales calificados y a personas no estadounidenses.
GeoPark (NYSE: GPRK)는 규정 144A에 따라 자격이 있는 기관 투자자에게 비공식적인 액세스를 제공하고 증권법의 규정 S에 따라 비미국인에게 프라이빗 플레이스먼트에서 선급 노트를 제공할 계획이라고 발표했습니다. 회사는 수익을 여러 목적에 사용할 계획입니다:
1. 2027년에 만료되는 5.500% 채권의 모든 미지급 채권을 구매하기 위해
2. 선급 및 계약에 따라 미지급 선급금의 최대 1억 5200만 달러를 상환하기 위해
3. 나머지 자금은 자본 지출을 포함한 일반 기업 용도로 사용될 것입니다.
노트 제공의 시기와 조건은 시장 상황에 따라 달라집니다. 노트는 증권법에 따라 등록되지 않으며 자격이 있는 기관 투자자와 비미국인에게만 제공됩니다.
GeoPark (NYSE: GPRK) a annoncé son intention d'offrir des obligations senior dans le cadre d'un placement privé à des acheteurs institutionnels qualifiés selon la Règle 144A et à des personnes non américaines selon le Règlement S de la Loi sur les valeurs mobilières. La société prévoit d'utiliser les produits pour plusieurs fins :
1. Acheter toutes ses obligations en circulation à 5,500 % échéant en 2027
2. Rembourser jusqu'à 152 millions de dollars d'avances en cours dans le cadre d'un contrat d'achat et d'avance
3. Les fonds restants seront utilisés à des fins générales d'entreprise, y compris les dépenses en capital
Le timing et les conditions de l'offre des obligations dépendront des conditions du marché. Les obligations ne seront pas enregistrées selon la Loi sur les valeurs mobilières et seront offertes uniquement aux acheteurs institutionnels qualifiés et aux personnes non américaines.
GeoPark (NYSE: GPRK) hat die Absicht angekündigt, senior Notes in einem privaten Placement an qualifizierte institutionelle Anleger gemäß Regel 144A und an nicht-US-Personen gemäß der Regulierung S des Wertpapiergesetzes anzubieten. Das Unternehmen plant, die Einnahmen für mehrere Zwecke zu verwenden:
1. Erwerb aller ausgegebenen 5,500% Notes, die 2027 fällig werden
2. Rückzahlung von bis zu 152,0 Millionen US-Dollar ausstehenden Vorauszahlungen im Rahmen eines Abnahme- und Vorauszahlungsvereinbarungs
3. Alle verbleibenden Mittel werden für allgemeine Unternehmenszwecke, einschließlich Investitionen verwendet
Der Zeitpunkt und die Bedingungen des Angebots der Notes hängen von den Marktbedingungen ab. Die Notes werden nicht unter dem Wertpapiergesetz registriert und werden ausschließlich qualifizierten institutionellen Käufern und nicht-US-Personen angeboten.
- Refinancing of existing debt structure through new senior notes offering
- Potential reduction of $152.0 million in prepayment obligations
- Additional funding for capital expenditures and corporate purposes
- New debt issuance may increase overall debt burden
- Potential impact on interest expenses depending on new notes' terms
Insights
This debt refinancing initiative represents a strategic move to optimize GeoPark's capital structure. The company is effectively executing a liability management exercise by replacing the existing 5.500% 2027 Notes with new senior notes, while also addressing
The private placement approach targeting qualified institutional buyers suggests a sophisticated debt strategy that could provide more flexible terms compared to public offerings. The Rule 144A/Reg S structure allows for efficient market access while maintaining regulatory compliance. By addressing both the 2027 Notes and prepayment obligations simultaneously, GeoPark is demonstrating proactive balance sheet management.
For investors, the key aspects to monitor will be the pricing and terms of the new Notes compared to the existing 5.500% 2027 Notes, as this will determine the actual financial benefit of the refinancing. The success of the tender offer for the 2027 Notes will also be crucial, as high participation rates would indicate strong creditor confidence in the company's refinancing strategy.
This refinancing initiative aligns with broader industry trends where energy companies are optimizing their capital structures amid volatile commodity prices. GeoPark's move to restructure its debt while maintaining flexibility for capital expenditures is particularly relevant given its operations in Latin America, where maintaining strong liquidity is important for ongoing exploration and production activities.
The allocation of proceeds for general corporate purposes and capital expenditures suggests GeoPark is positioning itself for potential growth opportunities while maintaining financial flexibility. This is especially important in the current market environment where operational efficiency and strategic investments in core assets are key drivers of value creation in the upstream sector.
Concurrent with the announcement of this proposed offering of Notes, the Company has announced that it is making a cash tender offer to purchase any and all of the Company’s outstanding
This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction. The Notes have not been registered under the Securities Act, or any applicable state securities laws, and will be offered only to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act and outside
NOTICE
Additional information about GeoPark can be found in the “Invest with Us” section on the website at www.geo-park.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often are preceded by words such as “believes,” “expects,” “may,” “anticipates,” “plans,” “intends,” “assumes,” “will” or similar expressions. The forward-looking statements contained herein include statements about the tender offer for the 2027 Notes, the Company’s notes offering and its intended use of proceeds therefrom. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, GeoPark’s business and operations involve numerous risks and uncertainties, many of which are beyond the control of GeoPark, which could result in GeoPark’s expectations not being realized or otherwise materially affect the financial condition, results of operations and cash flows of GeoPark. Some of the factors that could cause future results to materially differ from recent results or those projected in forward-looking statements are described in GeoPark’s filings with the United States Securities and Exchange Commission.
The forward-looking statements are made only as of the date hereof, and GeoPark does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events. In light of the risks and uncertainties described above, and the potential for variation of actual results from the assumptions on which certain of such forward-looking statements are based, investors should keep in mind that the results, events or developments disclosed in any forward-looking statement made in this document may not occur, and that actual results may vary materially from those described herein, including those described as anticipated, expected, targeted, projected or otherwise.
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INVESTORS:
Maria Catalina Escobar
Shareholder Value and Capital Markets Director
mescobar@geo-park.com
Miguel Bello
Investor Relations Officer
mbello@geo-park.com
Maria Alejandra Velez
Investor Relations Leader
mvelez@geo-park.com
MEDIA:
Communications Department
communications@geo-park.com
Source: GeoPark Limited
FAQ
What is the purpose of GeoPark's (GPRK) new senior notes offering?
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