Staatsolie raises US$211.7 million more than targeted with new bond issue

Staatsolie

Staatsolie Maatschappij Suriname N.V. issued a new bond of US$ 515.8 million on 23 March 2025. The total amount is US$ 211.7 million more than the US$ 304.1 million targeted.

In total, the Staatsolie Bond 2025-2033 raised US$ 468.745.200 million and € 43,485,100 (equivalent to US$ 47,081,317). In US dollars, the total amounts to US$ 515.8 million. That is US$ 211.7 million more than the target (US$ 304.1 million). Staatsolie awarded all of the subscriptions. In doing so, the company has made use of its right, as laid down in the prospectus.

Staatsolie expected to raise about US$ 109 million in "new" money which eventually became US$ 320.8 million. "New" money refers to the total amount that would come in above the US$ 195 million of the Staatsolie Bond 2020-2025 and 2020-2027.

Proceeds from the bond issue will be used by Staatsolie to co-fund its participation of up to twenty percent in the development of the GranMorgu offshore oil field in Block 58. The total investment for this project is estimated at US$ 12.2 billion, of which Staatsolie's contribution is US$ 2.4 billion. Staatsolie has also set aside its own cash reserves for the investment in the GranMorgu project.

Part of the proceeds will also be used to refinance the Staatsolie Bond 2020-2025 and 2020-2027 of US$195 million. Holders of this bond had the opportunity of redeeming their bonds to participate in the new issue. More than seventy percent of the Staatsolie Bond 2020-2025 and 2020-2027 has been exchanged. Some of the bondholders, accounting for US$55 million, decided to continue with their existing bonds.

De Surinaamsche Bank N.V. (DSB) is the arranger of the 2025-2033 Staatsolie bond. This bond is issued on 23 March 2025 and has a maturity of eight years. The interest rate is 7.75 percent for the US dollar bond and 7.25 percent for the euro bond. Interest will be paid twice a year. The first interest payment is on 23 Spetember 2025. The bonds are tradable on the Dutch Caribbean Securities Exchange (DCSX) and the Suriname Stock Exchange (SSX).

By investing the proceeds from the new bond in the GranMorgu project, Staatsolie is taking a big step toward realizing its vision "Energizing a bright future for Suriname." The fact that ample more has been raised proves that small and large investors have faith in Staatsolie, the GranMorgu project and a brighter future for Suriname. This project is progressing steadily and Staatsolie and its partners in Block 58 will ensure that this too will be a success. Staatsolie thanks all participants in the Staatsolie Bond 2025-2033 and the trust placed in the company.