Raises Much More Money Than Expected with New Loan
eyesonsuriname
Amsterdam, March 24, 2025 – The Surinamese company Staatsolie successfully issued a new bond on March 23, 2025, raising significantly more funds than initially planned. The company aimed to borrow US$ 304.1 million, but investors offered a total of US$ 515.8 million. This is US$ 211.7 million more than the company needed.
Staatsolie CEO and eyesonsuriname
Loan in Dollars and Euros
The bond, named “Staatsolie Bond 2025-2033,” consisted of two parts: a portion in US dollars (US$ 468.7 million) and a portion in euros (EUR 43.5 million, equivalent to US$ 47.1 million).
More Funds for Oil Project and Old Loans
Staatsolie originally required only US$ 109 million in new funds, in addition to the US$ 195 million they had already borrowed with previous bonds (the Staatsolie Bonds 2020-2025 and 2020-2027). However, due to the high demand from investors, Staatsolie ultimately raised US$ 320.8 million in new funds.
The company will use the funds for two purposes:
A portion of the funds will be used for the development of a new offshore oil field called GranMorgu. This project has a total cost of US$ 12.2 billion, with Staatsolie’s share being US$ 2.4 billion. The bond proceeds will be used for this, along with funds that Staatsolie had already saved.
Another portion of the funds will be used to refinance old bonds (the Staatsolie Bonds 2020-2025 and 2020-2027). Holders of these old bonds had the option to exchange them for the new bond. More than seventy percent of them chose to do so. A small portion (US$ 55 million) decided to keep the old bonds.
Details About the Loan
The loan was arranged by De Surinaamsche Bank N.V. (DSB). The loan has an eight-year term. Bondholders will receive interest: 7.75 percent for the US dollar portion and 7.25 percent for the euro portion. Interest will be paid twice a year, with the first payment on September 23, 2025. The bonds can be traded on two exchanges: the Dutch Caribbean Securities Exchange (DCSX) and the Suriname Stock Exchange (SSX).
Confidence in Staatsolie and Suriname
Staatsolie is very pleased with the success of the bond issuance. The company sees it as a sign that investors have confidence in Staatsolie, the GranMorgu project, and the future of Suriname. The company thanks all investors for their trust.
