Pearl Petroleum places USD 500 million bond at 10.375%, due 2031

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.

4 Nov 2026, 09:30

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.

• 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.

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.

The issuer is Pearl Petroleum, not Dana Gas itself. Dana Gas PJSC and Crescent Petroleum are joint operators of the Pearl Petroleum Consortium.

What happened

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.

Why it matters

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.

Richard Hall, CEO of Dana Gas, said: "Raising US$500 million in today’s 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."

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’s economic growth."

Who is exposed

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.