Staatsolie will raise 250 mln dollars, 50 mln euro through bonds due in 2033

Suriname’s state-owned power company Staatsolie launched on Friday a new debt bond offer maturing in 2033. The company hopes to raise $250m and 50m euros ($52m) to finance its participation in an important project off the coast of the country, it said.

To secure a 20% share in Block 58 being developed by France’s TotalEnergies, and U.S. company APA Corp, the company must raise $2.4 billion via different financing mechanisms. This includes up to $1.5billion in bank loans.

Suriname's flagship project, the $12 billion Gran Morgu, is expected to begin offshore oil and natural gas production in 2028.

Agnes Moensi from Staatsolie, the finance director, announced that payments would begin in September. The fixed interest rate bonds are available at a rate between 7.25% to 7.75%.

She said that "every dollar raised through bonds means a dollar less for the bank loan."

The total investment plan of the company includes up to 3,49 billion dollars for projects onshore and offshore, as well as power, refinery, and refining.

(source: Reuters)