Staatsolie Maatschappij Suriname N.V. issued a new bond on March 23, 2025, reportedly raising US$515.8 million—US$211.7 million more than its initial target of US$304.1 million.
In an announcement on Monday, the state oil firm said the bond, set for 2025-2033, totaled US$468.7 million and €43.5 million (US$47.1 million). Staatsolie exercised its right to award all tenders, as stated in the prospectus.
Initially aiming to raise US$109 million in “new” funds, Staatsolie secured US$320.8 million above its earlier bond commitments. New funds exclude the US$195 million from the 2020-2025 and 2020-2027 bonds.
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The proceeds will support Staatsolie’s 20% stake in developing the GranMorgu offshore oil field in Block 58, a US$12.2 billion project. Staatsolie’s share totals US$2.4 billion, supplemented by its cash reserves.
Funds will also refinance the 2020-2025 and 2020-2027 bonds, with over 70% of holders opting to exchange their bonds for the new issue. Bondholders with US$55 million chose to retain their investments.
Arranged by The Surinamese Bank N.V., the bond features an eight-year maturity with a 7.75% interest rate for US dollars and 7.25% for Euros. Interest payments begin September 23, 2025. Bonds are tradable on the Dutch Caribbean Securities Exchange and Suriname Stock Exchange.
“By investing the proceeds from the new bond in the GranMorgu project, Staatsolie is taking a big step towards the realization of its vision ‘Energizing a bright future for Suriname’. The fact that more has been raised proves that small and large investors have confidence in Staatsolie, the GranMorgu project and a brighter future for Suriname,” Staatsolie said.
The Block 58 GranMorgu project is expected to produce 220,000 barrels per day (b/d). A floating production, storage, and offloading (FPSO) vessel is being built by SBM Offshore, in partnership with Technip Energies, while the subsea work is being handled by Saipem and TechnipFMC.
