Staatsolie Maatschappij Suriname N.V. has issued new bonds aimed at raising at least US$250 million and €50 million to fund its involvement in the development of the GranMorgu offshore oil field. De Surinaamsche Bank (DSB) is the lead arranger for this bond issuance.
If you’d like to participate, here’s how.
Staatsolie said participation is generally open to as many people in Suriname as possible. The bonds will be publicly tradable on the Dutch Caribbean Securities Exchange (DCSX) and the Suriname Stock Exchange (SSX).
There are three denominations, categorized into Class A and Class B. Participants can invest the minimum amount for each class or in multiples of that amount. There is no maximum limit on the amount you can invest.
Class A
- A1: US$100 – Intended for investors residing in Suriname with a local bank account, where DSB is the agent.
- A2: €100 – Intended for investors residing in Suriname with a local bank account, where DSB is the agent.
Class B
US$30,000 – Intended for investors residing in Suriname, Curaçao, or St. Maarten, where the agent is DSB or a Curaçao Bank.
The bond issuance has a total principal amount of US$250 million and €50 million, with all classes maturing on March 23, 2033, giving them a term of eight years.
Class A1 and Class B bonds offer a fixed interest rate of 7.75%, while Class A2 offers a slightly lower rate of 7.25%. Interest will be paid twice a year, in March and September, starting on September 23, 2025. The enrollment period for the bond issue is from February 3 to 25, 2025. By March 10, 2025, notification will be received on whether your enrollment has been accepted. The deposit period runs from March 10 to 18, 2025, during which time payment must be made for the bonds allocated.
The subscription form and all relevant details can be found at www.staatsolieobligatie.com.
As specified in the production-sharing contract, Staatsolie will acquire up to a 20% stake in Suriname’s first offshore oil field, the GranMorgu field in Block 58. The total investment for the project is estimated at US$12.2 billion, with Staatsolie’s share valued at US$2.4 billion.
The proceeds from this bond issuance will help finance Staatsolie’s portion, reducing the need for bank loans. Additionally, the company has allocated cash reserves for the GranMorgu investment. Another key purpose of the bond issuance is to refinance the Staatsolie Bonds 2020-2025 and 2020-2027, which raised US$195 million to support the 2020-2027 investment program.
