Genel announces "Dutch Auction" Bond Buy-Back Offer

Genel Energy has announcing a reverse tender offer to holders of Genel Energy Finance plc's USD 730 million GENEL01 PRO senior unsecured callable bonds (ISIN NO0010710882).

The Company intends to offer one repurchase price at which all relevant Bonds are to be repurchased. The Repurchase Price will be determined through a reverse book-building ("Dutch auction").

The Buy-Back Offer is being carried out for cash management purposes and the Company intends to buy back a minimum of USD 50 million in nominal value of Bonds.

The Buy-Back Offer will commence on 18 March 2016 and will expire on 22 March 2016 at 16:00 CET. Prior to 09:00 CET on 23 March 2016, the Company will determine the Repurchase Price and consequently the total amount of Bonds to be purchased.

The Company may, in its sole discretion, waive, amend, extend, accelerate, terminate or withdraw the Buy-Back Offer at any time. Information regarding any such amendments will be published under the Issuer's ticker on, the information service of the Oslo Stock Exchange, and, the information service of the bond trustee for the Bonds, Nordic Trustee ASA. Cash settlement for the Bonds, including accrued interest, is expected to occur on 30 March 2016.

The Company will only accept offers from a bondholder or beneficial owner of the Bonds (or any person acting as agent, custodian, fiduciary or in another intermediary capacity for a bondholder or beneficial owner) who is not a U.S. person (as such term is defined pursuant to Regulation S under the US Securities Act of 1933, as amended (the "Securities Act")) and who is outside the United States.

The Company has retained DNB Markets and Pareto Securities as brokers to manage the Buy-Back Offer. Eligible bondholders may provide offers for sale of all or a portion of their Bonds through submission of the bondholders offer form (the "Bondholders Offer Form") by e-mail to or

(Source: Genel Energy)

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