{"data":{"id":"a324f7bd-5424-4aaf-8363-534fdd0da01e","type":"article","translation_group_id":"a324f7bd-4fb5-4c76-8c1b-efb2353e7a0b","language":"en","content_type":"announcement","title":"Pearl Petroleum places USD 500 million bond at 10.375%, due 2031","dek":"Pearl Petroleum Company Limited placed a USD 500 million senior secured bond at a fixed 10.375% coupon, maturing in November 2031, 1.7 times subscribed.","slug":"pearl-petroleum-usd-500m-senior-secured-bond-10-375-2031","published_at":"2026-11-04T05:30:00+00:00","updated_at":"2026-11-04T11:33:28+00:00","primary_category":{"id":"4","type":"category","key":"energy","name":"Energy","slug":"energy","summary":"Oil, gas, utilities, fertilizers, and energy-transition coverage tied to regional producers.","seo_title":"Energy News | Capital Wire","meta_description":"Oil, gas, utilities, fertilizers, and energy-transition coverage tied to regional producers and listed energy companies in the GCC."},"featured_media":{"id":"a324f957-e968-494e-b75d-f037383f05d8","type":"media","url":"https:\/\/capital-wire.com\/storage\/media\/0e41220015802577aebe7c61628b6534400d846895dd321391d4b64fc4818c2a.webp","mime":"image\/webp","srcset":"https:\/\/capital-wire.com\/storage\/media\/0e41220015802577aebe7c61628b6534400d846895dd321391d4b64fc4818c2a-640.webp 640w, https:\/\/capital-wire.com\/storage\/media\/0e41220015802577aebe7c61628b6534400d846895dd321391d4b64fc4818c2a.webp 1200w","width":1200,"height":630,"alt":"Pearl Petroleum places USD 500 million bond at 10.375%, due 2031","caption":null,"credit":null,"license":"operator-supplied","ai_generated":false},"entities":[{"id":"a2d6a682-b15e-4076-996f-1f2e092f3130","type":"entity","entity_type":"company","collection":"companies","name":"Dana Gas PJSC","slug":"dana-gas-pjsc","ticker":"DANA","is_primary":true},{"id":"a2de49ec-e234-4a3e-8a21-8f7e689df60f","type":"entity","entity_type":"exchange","collection":"exchanges","name":"Abu Dhabi Securities Exchange","slug":"adx","ticker":null,"is_primary":false}],"flags":{"breaking":false,"featured":false,"correction":false},"subtitle":null,"executive_summary":"Pearl Petroleum Company Limited, in which Dana Gas holds 35%, has placed a USD 500 million senior secured bond at a fixed coupon of 10.375% per annum, maturing in November 2031, according to a Dana Gas disclosure on ADX. The issue was 1.7 times subscribed.","key_points":["The issuer is Pearl Petroleum Company Limited, not Dana Gas itself.","The USD 500 million senior secured bond carries a fixed coupon of 10.375% and matures in November 2031.","The issue was 1.7 times subscribed, and the offering was increased from USD 400 million to USD 500 million.","Proceeds will refinance Pearl Petroleum's existing USD 350 million senior secured bond, fund debt service reserve arrangements, support development at Khor Mor and Chemchemal, and be used for general corporate purposes.","Dana Gas and Crescent Petroleum each hold 35% of Pearl Petroleum; OMV, MOL and RWE hold 10% each."],"body":[{"type":"paragraph","text":"Pearl Petroleum Company Limited has placed a USD 500 million senior secured bond at a fixed coupon of 10.375% per annum, maturing in November 2031, according to a Dana Gas disclosure on the Abu Dhabi Securities Exchange on 4 November 2026."},{"type":"paragraph","text":"The issuer is Pearl Petroleum, not Dana Gas itself. Dana Gas PJSC and Crescent Petroleum are joint operators of the Pearl Petroleum Consortium."},{"type":"heading","level":2,"text":"What happened"},{"type":"paragraph","text":"The issue was 1.7 times subscribed, which the companies said enabled an increase in the offering from USD 400 million to USD 500 million. The bond has a five-year maturity, and the companies said it drew participation from investors across the United States, the United Kingdom, Europe, the Middle East and Asia."},{"type":"heading","level":2,"text":"Why it matters"},{"type":"paragraph","text":"The proceeds will be used to refinance Pearl Petroleum's existing USD 350 million senior secured bond, fund the required debt service reserve arrangements, support further development at Khor Mor and Chemchemal, and for general corporate purposes, according to the disclosure."},{"type":"paragraph","text":"Richard Hall, CEO of Dana Gas, said: \"Raising US$500 million in today\u2019s challenging global financing environment is an excellent result. The level of demand allowed us to increase the issue size and has given Pearl Petroleum the funding flexibility to refinance its existing bond and pursue its next phase of growth for the benefit of the people of Iraq.\""},{"type":"paragraph","text":"Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, said: \"With KM250 completed, we remain committed to the development of Khor Mor and Chemchemal fields, strengthening energy security and energy supply for millions, and supporting Iraq\u2019s economic growth.\""},{"type":"heading","level":2,"text":"Who is exposed"},{"type":"paragraph","text":"Dana Gas and Crescent Petroleum each hold a 35% equity share in Pearl Petroleum, while OMV, MOL and RWE hold 10% each, according to the disclosure."}],"seo":{"seo_title":"Pearl Petroleum places USD 500m bond at 10.375% | Capital Wire","meta_description":"Pearl Petroleum Company Limited placed a USD 500 million senior secured bond at a fixed 10.375% coupon, maturing in November 2031, 1.7 times subscribed.","og_title":"Pearl Petroleum places USD 500m bond at 10.375% | Capital Wire","og_description":"Pearl Petroleum Company Limited placed a USD 500 million senior secured bond at a fixed 10.375% coupon, maturing in November 2031, 1.7 times subscribed.","social_image":{"id":"a324f957-e968-494e-b75d-f037383f05d8","type":"media","url":"https:\/\/capital-wire.com\/storage\/media\/0e41220015802577aebe7c61628b6534400d846895dd321391d4b64fc4818c2a.webp","mime":"image\/webp","srcset":"https:\/\/capital-wire.com\/storage\/media\/0e41220015802577aebe7c61628b6534400d846895dd321391d4b64fc4818c2a-640.webp 640w, https:\/\/capital-wire.com\/storage\/media\/0e41220015802577aebe7c61628b6534400d846895dd321391d4b64fc4818c2a.webp 1200w","width":1200,"height":630,"alt":"Pearl Petroleum places USD 500 million bond at 10.375%, due 2031","caption":null,"credit":null,"license":"operator-supplied","ai_generated":false}},"secondary_category":null,"topics":[{"id":"1","type":"topic","key":"adx","name":"ADX","slug":"adx","summary":"Abu Dhabi Securities Exchange listings, filings, index moves, and market-structure developments.","seo_title":"ADX Market News | Capital Wire","meta_description":"Coverage of Abu Dhabi Securities Exchange listings, corporate filings, index moves, and ADX market-structure news for investors."}],"tags":[],"gallery":[],"charts":[],"byline":{"mode":"desk","schema_type":"Organization","name":"Capital Wire","author":null},"citations":[{"id":"a324f7bd-5bac-4dab-a87f-5b8aa7d643ae","url":"https:\/\/apigateway.adx.ae\/adx\/cdn\/1.0\/content\/download\/5916765","publisher":"apigateway.adx.ae","title":"ADX disclosure (EN)","source_published_at":null,"claim":null},{"id":"a324f7bd-5d93-41a5-b009-1d7e81117b0f","url":"https:\/\/apigateway.adx.ae\/adx\/cdn\/1.0\/content\/download\/5915525","publisher":"apigateway.adx.ae","title":"ADX disclosure (AR)","source_published_at":null,"claim":null}],"sources":[{"url":"https:\/\/apigateway.adx.ae\/adx\/cdn\/1.0\/content\/download\/5916765","source_id":null,"label":"ADX disclosure (EN)","publisher":"apigateway.adx.ae"},{"url":"https:\/\/apigateway.adx.ae\/adx\/cdn\/1.0\/content\/download\/5915525","source_id":null,"label":"ADX disclosure (AR)","publisher":"apigateway.adx.ae"}],"corrections":[],"translations":[{"language":"ar","slug":"pearl-petroleum-usd-500m-senior-secured-bond-10-375-2031","published_at":"2026-11-04T05:30:00+00:00","is_current":false},{"language":"en","slug":"pearl-petroleum-usd-500m-senior-secured-bond-10-375-2031","published_at":"2026-11-04T05:30:00+00:00","is_current":true}],"schema_type":"NewsArticle"},"meta":{"request_id":"bb3d1eb4-a6ac-4621-aa75-8bd8393f0b35","locale":"en"},"errors":[]}