Staatsolie Maatschappij Suriname (Staatsolie) has successfully issued a new bond, raising $515.8m, which is $211.7m more than the initial target of $304.1m.
The Staatsolie Bond 2025–2033 secured $468.7m and €43.5m ($47.1m), highlighting strong investor interest and confidence in the company’s initiatives.
The interest rates are set at 7.75% for the US dollar bond and 7.25% for the euro bond, with payments scheduled twice a year, starting on 23 September 2025.
The bonds are tradable on the Dutch Caribbean Securities Exchange and the Suriname Stock Exchange.
The bond proceeds will support Staatsolie’s participation in the GranMorgu offshore oilfield development in Block 58.
The total investment for this project is estimated at $12.2bn, with Staatsolie contributing $2.4bn.
Staatsolie has also allocated its cash reserves for this investment, demonstrating its commitment to the project.
Additionally, part of the bond proceeds will refinance the Staatsolie Bond 2020–2025 and 2020–2027, valued at $195m.
Bondholders were offered the chance to redeem their bonds to join the new issue, with more than 70% opting to exchange.
However, some bondholders, representing $55m, chose to retain their existing bonds.
De Surinaamsche Bank is the arranger for the 2025–2033 Staatsolie bond, which was issued on 23 March 2025 with an eight-year maturity.
Staatsolie’s investment in the GranMorgu project aligns with its vision of “Energising a bright future for Suriname”, marking a significant step in the country’s offshore energy ambitions.
Staatsolie is also reportedly seeking $1.5bn in bank financing for the GranMorgu project in 2025, aiming to establish Suriname as a key player in offshore crude and gas production.
The company plans to collaborate with TotalEnergies and APA Corporation on this venture.
The Gran Morgu project received a positive final investment decision in October 2024.
