E&P Operator Joins Bond Debut Parade

GeoPark Latin America plans to begin a roadshow Tuesday in the US, Chile and Europe, looking to join the growing list of first-time bond issuers this year. The B/B independent oil and gas exploration and production company will meet accounts in London and Santiago Tuesday, New York Wednesday, and Boston Thursday before wrapping up on Friday in Los Angeles. A dollar 144a/RegS bond offering could follow, market conditions permitting. A $300m sale is likely, according to Fitch, as the issuer seeks funds to refinance most of its existing debt, partially fund capital expenditures and for general corporate purposes including possible new acquisitions. The issuance will be secured by a pledge of approximately 80% of the shares of its operating companies in Chile and Colombia and a pledge on inter-company loans granted by the issuer to its operating companies. Itau, JPMorgan and BTG Pactual are managing the meetings. GeoPark is based in Chile, and has operations in Chile, Colombia and Argentina.